BioMarin is laying-off employees to save cash

BioMarin Pharmaceuticals Inc. has decided to lay-off dozens of employees in a bid to save cost. Moreover, the pharmaceutical company has also communicated the state through a WARN notice which is a legal obligation.

120 job cuts globally

The San Rafael-based company started back in 1997 and have a wide range of pharmaceutical products. Moreover, the firm creates therapies for people with serious and life-threatening rare diseases and medical conditions. Recently, the company has hinted that they are planning to initiate job cuts. The biotech firm is expecting that the job cuts will affect 120 employees globally. This accounts for almost 4% of their total workforce. Furthermore, BioMarin has decided to cut 94 jobs in Marin County. These include 62 jobs in San Rafael and 32 in Novato. Currently, 2,000 of the company total workforce of 3,000 employees are working in Marin County.

“The life science sector in Marin County is an important contributor to the economy in terms of local spending and tax revenues, so any reduction in the workforce in that sector would be worth noting. However, through much analysis, MEF has identified the life sciences sector as one that is poised to grow in Marin over the next five years so we are hopeful any recent staff reductions are temporary and expect over time the sector will provide net employment gains.” Mike Blakeley, chief executive officer of the Marin Economic Forum said in a statement.

WARN notices and termination benefits

Furthermore, BioMarin has already issued WARN notices. “Employees were notified on Oct. 5 and 6 and their separation of employment is planned to occur between Dec. 6, 2022 and Jan. 31, 2023.” Angeline Covey, corporate counsel for BioMarin Pharmaceutical stated in the WARN notice. Moreover, BioMarin said that they have already notified the affected workers this week. In addition, the company intends to complete the lay-off process by the end of the year. Biotech company has estimated to incur $20 million to $25 million to cover severance and employee termination benefits.

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