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Pharma to cut 50% of staff

Posted 17 April 2024 AM

ASX-listed Imugene is reducing its headcount by 50 per cent with the sale of its North Carolina cell therapy manufacturing facility to Kincell Bio for up to US$6 million [AUD$9.3 million].

As a result of the transfer, which includes an upfront payment plus milestone-driven payments over the next three years, Imugene will realise US$32 million [AUD$49.9 million] in staff cost reductions, manufacturing efficiencies and overhead savings over the period.

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