AM I NEXT? NO LOVE AT UNIQURE

Lexington, Massachusetts-based uniQure, a biopharma technology company specializing in genomic medicines, is continuing its organizational restructuring designed to streamline operations. This includes selling its Lexington manufacturing facility to Genezen.

The restructuring will impact 65% of the company's workforce, approximately 300 employees.

According to CEO Matt Kapusta...

“These actions are designed to ensure we have the funding required to achieve key milestones and drive shareholder value, as we endeavor to deliver transformative medicines to patients in need.

uniQure conducted and recently concluded a detailed review of its operating expenses with the goals of conserving capital, streamlining operations, and ensuring sufficient cash resources to achieve multiple potentially meaningful value creating milestones. As a result of this review, uniQure has or will be taking the following steps:

The sale of the Lexington, Massachusetts manufacturing facility to Genezen announced on July 1, 2024.

Global workforce reductions aimed at organizational rightsizing, delayering and outsourcing sub- and non-critical activities.

Inclusive of the sale of the manufacturing facility, the elimination of approximately 65% or 300 roles across the organization. Certain intended organizational changes are subject to review and advice from the Company’s Amsterdam-based works council, which is ongoing and expected to be completed in the third quarter of 2024. The Company expects to substantially complete the restructuring in the fourth quarter of 2024.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall; why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT GINKGO BIOWORKS

Boston, Massachusetts-based Ginkgo Bioworks, a biotechnology company specializing in cell programming and biosecurity, has announced a restructuring and cost containment plan, including a major 35% reduction in force.

The personnel realignment will impact 400 employees and is expected to be completed in 2025.

CEO Jason Kelly noted that these layoffs are part of Ginkgo’s near-term focus on reaching breakeven. “These are amazing employees who are being let go as part of changes we are making to our technology platform at Ginkgo and a near-term focus on reaching breakeven. We are sad to see them go.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT PACIFIC BIOSCIENCES OF CALIFORNIA

Menlo Park, California-based Pacific Biosciences of California, a biosciences technology company that designs, develops, and manufactures advanced sequencing solutions to help scientists and clinical researchers resolve genetically complex problems, has announced a restructuring, including a cost-cutting initiative and the closure of its 74,000-square-foot San Diego, California facility.

The cost-cutting initiative and office closure will impact 195 employees, including 71 in the company's Menlo Park office and 108 in the San Diego office. The nearly 25% reduction in force affects nearly all functions within the company, including engineers, scientists, and management-level positions such as directors and vice president.

The scheduled separation date is June 28, 2024. To lower production costs, some consumables manufacturing for reagents and flow cells were previously transferred from San Diego to Menlo Park.

CEO Christian Henry noted, “We believe that the sales cycle increased primarily because of uncertainty surrounding the timing of funding for new capital equipment, particularly in the United States and China. There’s no doubt that PacBio and our industry are facing increasing headwinds this year. However, we remain incredibly optimistic about our business and the prospects for long-read sequencing.

"This swift and decisive action is a demonstration of our plan to achieve positive cash flows by the end of 2026, as originally outlined in our long-term guidance. We remain highly encouraged by PacBio’s long-term growth potential.”

According to a company spokesperson, "The company had to make difficult but necessary changes in response to headwinds that have affected our industry and our performance ... We considered every option and ultimately determined that this is the path we must take to achieve our mission and enable PacBio to drive long-term value creation.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?