Evolva will cut its workforce by 43% and spin off its Indian R&D laboratory in an attempt to make cost savings and become “a product-based company”.
The Swiss biotech firm announced today it would axe 78 full time jobs from its 178-strong workforce. It did not reveal which departments or geographies would be affected but said some redundancies would be immediate while others gradual.
It will also spin off its Indian business an R&D laboratory in Chennai in order to centralise its product development activities predominantly at its headquarters in Reinach, Switzerland.
This move, which is primarily to reduce costs, will also allow it to streamline product development programmes as well as simplifying a…