Illumina, a biotech company known for developing and manufacturing equipment used in DNA sequencing, announced Monday it will begin a round of layoffs and reduce its real estate holdings in San Diego and potentially Foster City.
Illumina is moving forward on a number of layoffs as part of an effort to “realign its operating expenses,” the company wrote in a recent filing with the U.S. Securities and Exchange Commission. Other reductions to its expenses include reducing its real estate footprint by exiting its i3 campus in San Diego and “evaluating its options” for its campus in Foster City. Illumina is looking to to reduce its annual expenses by $100 million following these changes, the filings state.
“In April, Illumina committed to a plan to achieve more than $100 million of run-rate cost savings to accelerate margin improvement and create flexibility for further investment in high-growth areas. We believe these steps need to be taken to continue driving innovation, expand profitable growth for our shareholders, and put us in the best position to carry out our mission of improving human health by unlocking the power of the genome,” a company spokesperson said in a statement emailed to SFGATE.
The spokesperson declined to state the number of employees being laid off, but Worker Adjustment and Retraining Notification Act filings recently submitted by the company said 79 jobs were eliminated from two locations in San Diego, the San Diego Union-Tribune reported. Most of these layoffs were of technical positions, while 15 were engineering roles.
Internal company emails revealed that Illumina also plans to eliminate 10% of its research and development team, biotech news website STAT reported. Illuminate’s SEC filings said that the company expects to incur charges of $25 million to $35 million in layoff expenses over the rest of the year.
According to Linkedin, the company employs about 9,500 people, 787 of whom are based in the Bay Area.
“We understand the impact this decision has on affected employees and their families, and we are committed to providing support to these employees in their transitions and treating them with gratitude and respect,” the company spokesperson said.
Read More:Illumina may cut jobs, real estate footprint at Bay Area campus
2023-06-27 23:56:34
