Theratechnologies to cut 24 jobs in r&d restructure
Aims to strengthen its growth potential
Canadian drug developer Theratechnologies is to trim its workforce by 24 people following a restructuring of its research and development activities.
Following approval by the US regulator of its flagship product, Egrifta (tesamorelin for injection), Montreal-based Theratechnologies will call on its partners in the public and private sectors to help move its research projects forward, said John-Michel Huss, president and chief executive of Theratechnologies.
Theratechnologies said its partners are preparing regulatory applications for the drug in the European Union and a number of Latin American countries. In this context, the company says it has revisited its r&d business model in order to strengthen its growth potential.
‘As Theratechnologies enters into the next phase of its evolution, it is our ability to adapt that will determine our future success. I hope that our new r&d business model – based on innovation, openness and flexibility – will become the industry standard,’ said Huss.
Theratechnologies estimates that the job cuts will yield savings of US$300,000 over the rest of this year, and approximately $2.5m in 2012.
