(Reuters) – Contract manufacturer Emergent BioSolutions Inc said on Monday it will reduce its workforce by about 5%, or 132 roles, and do away with the positions of chief people officer, as well as chief strategy and development officer.
The job cuts along with other initiatives are expected to save over $60 million in annual costs when fully implemented, the company said.
Emergent expects to incur charges of about $9 million to $11 million in the first quarter of 2023.
In June, Johnson & Johnson had formally informed Emergent of its decision to terminate its deal with the contract manufacturer to make COVID-19 vaccines for the drugmaker.
(Reporting by Sriparna Roy in Bengaluru; Editing by Shounak Dasgupta and Shailesh Kuber)
