After a Phase III readout for the centerpiece of its $21 billion Immunomedics acquisition underwhelmed Wall Street, Gilead is bringing out the axe.
The California company is planning to lay off 114 staffers from its Morris Plains, NJ location in three waves later this year, according to a filing with the New Jersey Department of Labor. The layoffs are coming at the same site of Immunomedics’ former headquarters, a Gilead spokesperson told Endpoints News.
“We plan to relocate the New Jersey site to a new, larger space in the surrounding Morris Plains area,” the spokesperson told Endpoints in an email. “The exact location is still being finalized. This will be a Gilead corporate office and will not have manufacturing.”
Fierce Pharma first reported the layoffs.
Per the filing, which was submitted to the Worker Adjustment and Retraining Notification (WARN) system, the layoffs will come in April, September…
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