GPC to lose 44% of US and German staff
German drugmaker GPC Biotech AG plans to lose 44% of its current active workforce in both Germany and the USA, though it is retaining key personnel needed to achieve the firm's medium- and longer-term goals.
Company chief executive Bernd Seizinger said: "our goal of having approximately two years of operating cash on hand at the end of 2007 has sadly necessitated very significant staff reductions on both sides of the Atlantic... We are implementing a revised strategic plan, which includes focusing our internal efforts on a limited number of development-stage oncology projects, significantly increasing our licensing efforts and actively exploring merger and acquisition opportunities on both sides of the Atlantic."
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
| Headless Content Management with Blaze