JANUARY 31, 2024 — MAJOR FINANCIAL ISSUES FORCE 12% REDUCTION IN FORCE
The company has announced that it will eliminate about 12% of its total workforce as the cash-strapped biotech company seeks to further cut costs amid doubts about its ability to remain in business.
As previously announced, Novavax, Inc. has recently prioritized reducing its annual combined research and development and selling, general and administrative spend.
In connection with those plans, on January 30, 2024, the Board of Directors of the Company approved an approximately 12% reduction of its global workforce, comprised of an approximately 9% reduction in the Company’s full-time employees and the remainder comprised of contractors and consultants.
MAY 24, 2023 — Original post…
Gaithersburg, Maryland-based Novavax, a biotechnology company developing vaccines to counter serious infectious diseases, has announced a cost-cutting initiative with a 25% reduction in force to respond to a reduced COVID-19 market.
Approximately 500 employees are impacted.
According to a company spokesperson, “2023 will continue to be a challenging year for Novavax. The company revealed plans to significantly reduce its spending and align its business with the endemic COVID opportunity. The biotech plans to consolidate facilities and infrastructure and reduce its headcount by 25%. The figures suggest around 500 people will be leaving Novavax. 80% of the layoffs are impacting full-time employees and the larger cost-saving strategy is primarily impacting R&D.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?