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Pharming Group NV To Restructure Dutch Opns., Axe Jobs - Quick Facts

8/2/2012 6:32 AM ET

Biotech company Pharming Group NV (PHGUF.OB,PHGUF.PK) revealed a strategic restructuring plan of its Dutch operations to accelerate its path to sustainability and future profitability. The proposed restructuring plan was filed with the Dutch authorities, with the process entailing a formal procedure, required when there is a need for downsizing of an organisation by 20 staff or more.

Following the completion of this restructuring, the organisation would have maintained full capabilities to execute technology transfers of platform technology and product processes as well as retaining all product development associated know-how. In addition, Pharming would continue to participate in existing collaborative product development and to pursue potential partnerships in the future.

Therefore, the company would maintain sufficient personnel to achieve these strategic objectives by aligning the staffing resources and potential partnering requirements of the organisation with its strategic needs post the anticipated finish of Study 1310 and submission of the Ruconest BLA to the FDA. As a result, the company targets to reduce costs by some 3.5 million euros - 5 million euros annually over the coming 12-18 months. The timing of the plan would be influenced by external and internal influences.

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by RTT Staff Writer

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