Updated: Societal CDMO lays off 26 employees, reworks hiring plans after strategy review
Small molecule manufacturer Societal CDMO is laying off 9% of its employees — 26 positions — and terminating nine open roles to save around $5.5 million a year as part of its “strategic realignment.” The move is a reaction to the “macro pharma market financing challenges,” with plans to focus on its manufacturing strengths, the company said.
The majority of workforce cuts, effective Sept. 20, will impact work on its early-stage services, which are the most affected by the “current financing environment,” according to Wednesday’s press release.
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