Genmab to reduce headcount

Genmab A/S (CSE:GEN) plans to reduce headcount by about 300 (57%) to about 230 and sell its manufacturing facility in Brooklyn Park, Minnesota. Genmab said it will outsource its manufacturing needs to contractors going forward. Genmab, which purchased the manufacturing plant for $240 million last year from PDL BioPharma Inc. (NASDAQ:PDLI), said it estimates the facility's fair value at $150 million. Genmab said the cuts will come from the manufacturing facility and from R&D as the company's R&D needs have decreased as development partners are taking on increasing responsibility for upcoming studies. However, no programs will be discontinued. The reorganization is expected to produce annual savings of about DKK300 million ($59.6 million). ...