Waltham, Mass.-based biotechnology company ImmunoGen plans to cut 65 jobs following a strategic review headed by its new CEO, Mark Enyedy, reports The Boston Globe.
Mr. Enyedy, who was named the company's CEO in April, said in the article that the move is "a necessary step to build a leaner and more agile organization, better positioned to execute on our strategic objectives."
The cuts, which represent a workforce reduction of 17 percent, primarily affect employees in technical operations and general administrative functions, according to the article.
ImmunoGen said it expects to save about $11 million per year with the cuts, which will allow the company to focus on a late-stage trial of a drug to treat ovarian cancer, the report states. The company said it plans to take a one-time accounting charge of $3.5 million to cover the cost of termination benefits, according to The Boston Globe.
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