Seattle-based ZymoGenetics is taking out the budget axe and chopping 161 jobs, one third of its workforce, as the biotech restructures its R&D effort in order to reduce costs by about $30 million a year.
The slimmed down ZymoGenetics plans to focus "all future research efforts in immunology, its core strength." And the developer said that it will concentrate more of its efforts on collaborations--like the $1 billion deal it struck with Bristol-Myers Squibb at the beginning of the year for a hep C therapy.
One of Seattle's biggest and oldest biotechs, ZymoGenetics has put one product on the market since going public seven years ago. The company reported a loss of $116.2 million last year.
- read the report from the Seattle Times