FONT-SIZE Plus   Neg

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

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Schaeffler AG, the German auto parts maker owned by the Schaeffler family, Thursday set its initial public offering price at 12.50 euros per share. The company raised gross proceeds of about 938 million euros by offering 75 million shares, of which 66 million from Schaeffler AG and the remaining 9... Dick Costolo, who stepped down as CEO of Twitter in June, is taking a bit of a career turn - to Hollywood. The one-time tech darling left Twitter after 5 years at the helm amid Wall Street concerns about the future of the social media giant. Now he will be consulting on story lines for the HBO series Silicon Valley. Formula One is reportedly near a deal that would sell the racing circuit to an investor group that includes the owner of the Miami Dolphins. The Financial Times reports that the purchase price for the racing company is $8.5 billion. According to the paper, Dolphins owner Stephen Ross has reached a hand-shake agreement with CVC, a private equity firm holding a 35.5 percent stake in Formula One.
comments powered by Disqus
Follow RTT