Vir Biotechnology, Inc. (VIR): restructuring charge — Vir Biotechnology to cut 12% of workforce, close R&D sites; charges $30-40M

Vir Biotechnology, Inc.

Workforce reduction of ~75 positions (12%) and closure of St. Louis and Portland R&D facilities in 2024.
Estimated pre-tax charges of $30-40M, primarily facility-related; $3-4M cash expenditures. Annual savings at least $40M.
Company to focus on chronic hepatitis delta/B programs and expand monoclonal antibody platform into autoimmune and oncology.
Research to continue at San Francisco and Bellinzona sites.
Cash, equivalents, and investments of $1.7B as of Q3 2023.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Vir Biotechnology, Inc. announced a restructuring with charges of $30 million to $40 million affecting research and development facilities (approximately 12% of the workforce or 75 positions).

Type: restructuring
Charge: $30 million to $40 million
Affected area: research and development facilities
Headcount: approximately 12% of the workforce or 75 positions

Exact text from the filing

continue at the Company’s sites in San Francisco, California and Bellinzona, Switzerland. As a result of these changes, the Company estimates that it will incur charges between $30 million to $40 million, primarily related to facility closures and to a lesser extent, employee severance costs. Of the total charges, the Company estimates that $3 million to $4 million

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3 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Vir Biotechnology, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-294328

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