Roivant cuts 12% of staff in cost-sav­ing move

Roivant Sci­ences cut 12% of its work­force on Thurs­day, the com­pa­ny told End­points News, mak­ing it the lat­est biotech to trim staff amid an in­dus­try down­turn.

The job cuts were an­nounced in­ter­nal­ly and af­fect about 100 peo­ple across the 891-per­son or­ga­ni­za­tion. Roivant plans to pro­vide fur­ther de­tail on the lay­offs when it an­nounces quar­ter­ly fi­nan­cial re­sults Mon­day morn­ing.

“It was a dif­fi­cult de­ci­sion, and we are work­ing to help all the im­pact­ed em­ploy­ees,” CEO Matt Gline said to End­points in a state­ment. The job re­duc­tions fol­low sim­i­lar moves across the in­dus­try, with many small­er, pri­vate com­pa­nies mak­ing re­duc­tions amid a chal­leng­ing mar­ket for rais­ing new funds.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER