Alnylam to restructure, reduce workforce by 33%
Alnylam Pharmaceuticals, an RNAi therapeutics company, intends to implement a strategic corporate restructuring, including an approximate 33% reduction in its workforce, as it aligns its resources to focus on what it believes to be the company's highest value opportunities with accelerated clinical development plans.
These plans include a previously announced company focus on its "Alnylam 5x15" RNAi therapeutic product strategy with ALN-TTR for the treatment of transthyretin-mediated amyloidosis (ATTR) and ALN-APC for the treatment of hemophilia as lead programs and advancement of other pipeline programs with existing alliances and new partnerships.
“As we effect our ongoing transformation from a platform company to a product company, now is the time to focus our near-term efforts and resources on what we believe to be our highest value opportunities,” said John Maraganore, Ph.D., CEO of Alnylam.
Alnylam’s restructuring will include an approximate 33% reduction in its workforce, said Maraganore.
"At a personal level, this was a very difficult decision to make, but we are convinced that it is an important step in continuing to build our company for the long term,” he added.
Alnylam expects the reduction in personnel costs, along with other external costs, to result in a savings of approximately $20 million in 2012 cash operating expenses. Alnylam estimates it will incur one-time restructuring costs of approximately $4 million, including employee severance, benefits and related costs, which it expects to incur in the first quarter of 2012.