Spare a thought for the 12% of Vir Biotechnology, Inc. employees who will be having a pretty unfestive festive season. The antiviral specialist is to make 75 positions redundant as part of a cost-cutting drive that will also see it refocus development efforts yet again and close two R&D facilities.
Key Takeaways
- Vir has had a hard year and is cutting staff and closing sites, refocusing on potentially high-growth areas
- The strategy should save it $40m a year
- But...
Vir hopes to save at least $40m per year as a result. The fact that its coffers were already swollen with around $1.7bn in cash at the end of the...
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