Gilead Sciences plans to cut 114 jobs for staff in its Morris Plains, New Jersey facility.
The location was the former headquarters of Immunomedics, a biotechnology company acquired for $21 billion by Gilead Sciences in 2020.
It is reported that the layoffs will occur in three batches – April, September and December.
More information regarding the reason for the job cuts and the positions of those who will lose their jobs is yet to be disclosed.
The company did not reveal whether the employees facing redundancies are from Gilead or ex-Immunomedics.
Immunomedics and its breast cancer drug Trodelvy was once in high demand, when the shares rose up to 105 percent in premarket trading.
But the acquisition, which was supposed to be Gilead’s major foray into oncology, created an underwhelming response.
The poor market responses over the past two years forced it to file a layoff notice via a New Jersey Worker Adjustment and Retraining Notification (WARN).
The company spokesperson announced its plan of moving out from the Morris Plains unit to a larger site.
But the new area will no longer function as a manufacturing facility and instead will become a corporate office and talent hub for supporting the company’s growth in the east coast region.
Gilead chief medical officer Merdad Parsey said the company continues to evaluate data and explore ways to get regulatory approval for this new indication.
He continued: “As we work to expand the patient benefit of Trodelvy beyond its current indications for second-line metastatic triple-negative breast cancer and accelerated approval in second-line metastatic bladder cancer, we are pursuing studies across multiple tumor types and earlier lines of therapy.”
Gilead Sciences is an American biopharmaceutical company dedicated to developing innovative medicines for life-threatening illnesses. The company is headquartered in Foster City, California.