Apellis Set to Reduce Workforce by 25% in Corporate Restructuring

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Moves expected to save company approximately $300 million through 2024.

Unemployed, quite job. Desperate asian young businesswoman resigning from company, hand holding cardboard, packing belongings, stuff into box, layoff or changing work. Resignation, employment concept. Image Credit: Adobe Stock Images/KMPZZZ

Image Credit: Adobe Stock Images/KMPZZZ

Hoping to position itself for long-term success, Apellis Pharmaceuticals, Inc. has revealed a corporate restructuring with the aim of driving growth of Syfovre® (pegcetacoplan injection) and Empaveli® (pegcetacoplan). As part of the reorganization, the company intends to layoff around 25% of its current workforce and reduce expenses, resulting in up to $300 million in total cost savings through 2024.

“We are taking important actions to strengthen our ability to invest in growth opportunities and support the Company's long-term success, including maximizing the significant opportunity with Syfovre,” said Cedric Francois, MD. PhD, co-founder, CEO, Apellis, in a company press release. “As a more focused organization, we believe these initiatives put Apellis in a stronger position to create value for shareholders and continue delivering on our mission for patients now and in the future.”

Reference: Apellis Announces Corporate Restructuring to Drive Growth of SYFOVRE® (pegcetacoplan injection) and EMPAVELI® (pegcetacoplan), Positioning Company for Long-Term Success. Globe Newswire. August 29, 2023. Accessed August 29, 2023. https://www.globenewswire.com/news-release/2023/08/29/2733224/0/en/Apellis-Announces-Corporate-Restructuring-to-Drive-Growth-of-SYFOVRE-pegcetacoplan-injection-and-EMPAVELI-pegcetacoplan-Positioning-Company-for-Long-Term-Success.html

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