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Enzon to cut half of its workforce in 2012

Friday, September 23, 2011 01:14 PM

Enzon Pharmaceuticals, a biotechnology company, said it will cut almost half its workforce in June 2012 to reduce annual operating costs by about $6 million, according to Bloomberg.

The move will reduce the staff to 47 employees and enable Enzon to “more closely align its resources with the company’s research and development activities,” the Piscataway, New Jersey-based company said.

Enzon, under pressure from investor Carl Icahn, agreed last November to sell its Sigma-Tau Pharmaceuticals unit, and announced in February that Jeffrey Buchalter had resigned as chief executive officer. Alex Denner, senior managing director at Icahn Enterprises, is the company’s board chairman and Richard Mulligan, an Icahn associate and a genetics professor at Harvard Medical School, also serves on Enzon’s board.

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