No­vavax lays off hun­dreds of em­ploy­ees as new CEO goes in­to res­cue mode

No­vavax is lay­ing off ap­prox­i­mate­ly 400 work­ers as part of a sweep­ing cam­paign by first-year CEO John Ja­cobs to adapt the vac­cine de­vel­op­er to a post-pan­dem­ic re­al­i­ty.

The re­org will amount to around 20% to 25% of No­vavax’s work­force, ac­cord­ing to the com­pa­ny, de­pend­ing on how ex­ist­ing head­count is tal­lied. The changes fol­low a round of cost cuts in April, which low­ered first-quar­ter ex­pens­es by $50 mil­lion but did not in­volve let­ting em­ploy­ees go, ac­cord­ing to the com­pa­ny.

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