Roivant Sciences, a biopharmaceutical company, will cut 10 percent of its workforce and shuffle its leadership team.
Here are seven things to know:
1. The job cuts will mostly affect employees in central support roles, such as accounting, human resources and IT.
2. Select members of Roivant's staff will be transitioned to other business units.
3. All together, 70 people will be laid off and 130 will be reassigned to subsidiaries of Roivant, according to BioSpace.com.
4. Roivant will create two business units, Roivant Pharma and Roivant Health.
5. Mayukh Sukhatme, MD, formerly chief business officer at Roivant, will serve as the president of Roivant Pharma, which will focus on creating units or spinoffs that will make biopharmaceuticals in new therapeutic areas.
6. Benjamin Zimmer, who was the head of special projects at Roivant, will serve as president of Roivant Health, which will focus on launching companies that will bring innovative medicines to new markets.
7. Roivant will also launch Altavant Sciences, a biopharmaceutical company that will focus on treatment of pulmonary arterial hypertension.