Achillion Pharmaceuticals in New Haven plans to cut 70 jobs.
The fourth quarter financial report for the biopharmaceutical company says it is launching a restructuring plan to advance existing clinical and late-stage preclinical factor D inhibitors and reduce expenses and that includes cutting around 70 jobs, or 20 percent of its workforce, to save $10 million in 2018.
"We are focused on executing against our 2018 strategic objectives with the goal of delivering transformative therapies to patients. We believe the operational expertise that Joe brings to his new role will strengthen our capabilities to achieve those objectives. While it is difficult to undertake a restructuring, we believe through efficient use of our capital, we will have the potential to build significant value in our Factor D inhibitor portfolio," Chief Executive Officer, Milind Deshpande said in a statement.
