Type of information: Restructuring
Company: Arbutus Biopharma (Canada)
Therapeutic area: Infectious diseases
Type agreement: restructuring
Disease: hepatitis B
- • On February 8,2018, Arbutus Biopharma, an industry-leading Hepatitis B Virus (HBV) therapeutic solutions company, announced a site consolidation and organizational restructuring to better align its HBV business in Warminster, PA. These organizational changes are expected to result in increased efficiency, a more flexible variable cost structure, and additional preservation of the Company’s cash reserves. The company’s Lipid Nanoparticle (LNP) technology group will remain intact.
- To achieve this alignment, Arbutus will reduce its global workforce by approximately 31 percent and plans to close its Burnaby facility. The company will incur restructuring costs related to one-time employee termination benefits, employee relocation costs, and site closure costs currently estimated to be $5.0 million, which will be primarily paid in cash in the second quarter of 2018.