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.

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