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he Company decided to reduce its workforce in connection with organizational redesign efforts as well as the Company’s updated strategy for ROCTAVIAN and its decision to discontinue development of BMN 293, as previously announced by BioMarin on August 5, 2024.
The Company estimates that it will incur aggregate pre-tax charges representing one-time cash expenditures for severance and other employee termination benefits of approximately $30 - $35 million, of which the majority is expected to be incurred during the second half of 2024.
Impacted employees were notified by August 28, 2024, and workforce reductions are expected to be substantially completed by the end of 2024.
Posted In: BMRN
