ARIAD Pharma (ARIA) to Cut HQ Workforce by ~25%

ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) announced that it is reducing approximately 25 percent of its headquarter positions. The reduction includes approximately 90 positions in the U.S. and Europe. No customer-facing positions within ARIAD’s commercial or medical affairs organizations are included in this action.

This reduction in workforce is one of five key areas of ARIAD’s ongoing strategic review. In addition to the decision announced today, the review also includes an evaluation of commercial maximization initiatives, geographical presence, R&D portfolio, and business development opportunities to support the overall strategic direction. ARIAD plans to provide further details on the progress of the strategic review, which is aimed at increasing patient and shareholder value, in the second quarter of 2016.

“The decision to reduce the Company's workforce has been extremely difficult, but we believe that it is a necessary step to invest in the promising growth potential of both Iclusig® and brigatinib and, ultimately, to further enable our orphan oncology medicines to reach cancer patients in desperate need,” said Paris Panayiotopoulos, president and chief executive officer of ARIAD. “I would like to express my sincere gratitude to the talented employees affected today, and we will do our utmost to ensure everyone is treated with fairness and respect.”

You May Also Be Interested In

• Z Squared outlines AI power strategy and Paradox Data acquisition
• Boost Run signs lease with 10X Capital for up to 111 MW of GPU capacity
• Sandisk targets mid-to-high teens revenue growth through FY2030