Idenix Pharmaceuticals announces job cuts as a result of strategic restructuring

|About: Idenix Pharmaceuticals, Inc. (IDIX)|By:, SA News Editor

Idenix Pharmaceuticals (IDIX) announces plans to reduce its workforce by around 15 positions in connection with the strategic restructuring of its operations at its headquarters in Cambridge, Massachusetts.

The reduction is part of an overall effort to improve operational efficiencies and outsource certain research and development functions, and will occur in the current quarter.

As a result, it expects to incur between $1M and $2M in one-time employee severance benefit charges and around $1M and $2M in non-cash stock compensation expense, but should result in annualized savings of approximately $2M to $3M.

The company says it's continuing to explore additional cost saving initiatives.