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10 months ago
BRIEF-Medivir to focus exclusively on oncology, cuts cost by 110 mln SEK/year
October 10, 2016 / 11:07 AM / 10 months ago

BRIEF-Medivir to focus exclusively on oncology, cuts cost by 110 mln SEK/year

Oct 10 (Reuters) - Medivir

* Medivir focuses exclusively on oncology and reorganizes to significantly reduce the cost structure

* Says reorganization will result in a total cost reduction of approximately 110 MSEK per year compared to current levels in affected functions

* Says as a consequence of these changes, a total of around 30 colleagues will unfortunately have to leave company and affected vacancies will not be filled

* Exclusive focus on oncology, along with a reduced number of projects in the early stage research portfolio, will lead to a reduction of around 25 positions and cost savings of approximately 60 MSEK vs current spending in the early stages of development

* Medivir says efficiency improvements in administrative and commercial support functions will generate additional cost savings of approximately 50 MSEK per year

* Says a redundancy cost of approximately 20 MSEK related to these organizational changes will be charged in Q4 Source text for Eikon: Further company coverage: (Stockholm Newsroom)

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