Vir Biotechnology announced that it will be reducing its workforce by approximately 25%, affecting around 140 employees.
This decision is part of a broader move to phase out its influenza, COVID-19 and T-cell-based viral vector platform programs to focus resources on its clinical-stage pipeline opportunities.
The layoffs are expected to generate approximately $50 million in annual workforce cost savings starting in 2025. Combined with strategic actions taken in late 2023, Vir has lowered its cost structure by about $90 million from its peak in 2023. These savings will be partially redirected towards the newly acquired programs from Sanofi — three clinical-stage masked T-cell engagers — also announced today.
Vir's overall headcount is anticipated to decrease to around 435 employees by the end of the year, including the integration of new personnel from Sanofi following regulatory clearance.