Just a few months after the European Union approved its bleeding disorder gene therapy, Roctavian, California-based biotech BioMarin announced this week that it would be undergoing organizational restructuring to “better focus investments that advance its R&D pipeline.”
According to the recent SEC filling, the company will be reducing its global workforce by roughly 120 employees which will allow it to save approximately $50 million annually. The majority of the cuts were announced to employees yesterday, and are expected to be completed by the end of the year.
Other recent moves by the company include the resubmission of its BLA for valoctocogene roxaparvovec to the to the FDA, which was granted Regenerative Medicine Advanced Therapy (RMAT) designation in 2021. If all goes well, the company’s drug candidates have the potential to disrupt a treatment space and become highly profitable.