The global biotherapeutics company announced that it will seek to streamline operations as part of a broader transformation to boost efficiency, refocus on core businesses, and reinvest in high-priority programs.
Fate Therapeutics, Generation Bio, and ORIC Pharmaceuticals join a growing list of companies implementing workforce reductions as they restructure operations, extend cash runways, and focus resources on advancing lead clinical programs amid challenging market conditions.
The project aims to enhance AbbVie’s chemical synthesis capacity to support next-generation neuroscience, immunology, and oncology medicines, with construction beginning in 2025 and operations slated for 2027.
The company is streamlining its global workforce as part of a multi-year cost-cutting strategy, while raising its 2025 outlook on the strength of key pharmaceutical products.
A Harvard Business School Healthcare Alumni Association Q&A with Stephanie J. Creary, Assistant Professor of Management at The Wharton School of The University of Pennsylvania.