Alnylam announced yesterday that it will reduce its workforce by 25-30% before the end of the year. This move comes in response to its 5-year alliance with Novartis reaching an end. Novartis will continue to pursue the 31 RNA-based targets identified in this alliance. Alnylam will still be in line for milestone payments and royalties in the future as some of these come to commercial fruition.
Alnylam Cuts 25-30% of Workforce, As Novartis Alliance Ends.
Alnylam management has $325 M in the bank and remains upbeat. The staff reduction will save the company $25 M in operating costs in 2011. Alnylam CEO John Margarone said, "We welcome this new period in Alnylam's development with both reduced need for allocation of service-based collaboration resources and substantially greater freedom in forgoing new major partnerships"
Alnylam has leveraged its pioneering position in RNAi research by fortifying its IP portfolio and inking deals with Roche, Takeda, and GSK.
Posted by Bruce Lehr September 24th 2010.
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