Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
PTC THERAPEUTICS, INC. announced a restructuring with charges of approximately $21.0 million affecting early-stage research and gene therapy manufacturing and associated selling, general and administrative functions in the United States (approximately 25%).
- Type
- restructuring
- Charge
- approximately $21.0 million
- Affected area
- early-stage research and gene therapy manufacturing and associated selling, general and administrative functions in the United States
- Headcount
- approximately 25%
Exact text from the filing
On September 28, 2023, PTC Therapeutics, Inc. (the “Company”) announced further strategic prioritization following the continued review of its portfolio that the Company began in May 2023. In connection with the strategic prioritization, on September 28, 2023, the Company committed to a reduction in workforce of approximately 25%, which will primarily affect employees in the United States, including those employees involved in early-stage research and gene therapy manufacturing and associated selling, general and administrative functions. The Company plans to substantially complete the reduction in workforce by January 15, 2024. Affected employees will be offered separation benefits, including severance payments along with temporary healthcare coverage assistance and other benefits. The Company estimates that the employee severance and benefit costs along with required pre-termination associated payments and benefits will be approximately $21.0 million, substantially all of which are e
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