Mr. Enyedy, who was named the company’s CEO in April, said in the article that the move is “a necessary step to build a leaner and more agile organization, better positioned to execute on our strategic objectives.”
The cuts, which represent a workforce reduction of 17 percent, primarily affect employees in technical operations and general administrative functions, according to the article.
ImmunoGen said it expects to save about $11 million per year with the cuts, which will allow the company to focus on a late-stage trial of a drug to treat ovarian cancer, the report states. The company said it plans to take a one-time accounting charge of $3.5 million to cover the cost of termination benefits, according to The Boston Globe.
More articles on leadership and management:
Acquiring companies now trying to retain top executives
How tech companies are using an NFL strategy to hire more women
From the bedside to the board room: 2 nurse leaders on getting 10k nurses on boards by 2020
