EQRx to trim more than 40 staffers in restructuring maneuver
Three months after putting on hold its ambitious plan to bring low-cost, innovative drugs to the US market, EQRx is shedding jobs.
The biotech said Thursday that it will let go 18% of its employees, or approximately 41 staffers, “to further increase EQRx’s operational efficiencies and streamline expenses,” per an SEC filing.
The cuts will be done by the end of March and will bring the company down to about 300 employees. EQRx will save about $18 million a year after severance costs of $4 million.
To read Endpoints News become a free subscriber
Unlock this article instantly, along with access to limited free monthly articles and our suite of newsletters