Societal CDMO, Inc., a contract development and manufacturing organization (CDMO), is implementing a strategic restructuring plan to streamline and optimize operations.
Societal has reduced its workforce by 26 positions (9%) across all the business, effective September 20, 2023, and has eliminated nine open positions. These moves are expected to result in annualized savings of approximately $5.5 million. A significant majority of the cuts will impact the portion of the business supporting earlier-stage services, which are most acutely affected by the current financing environment.
To further support the organizational realignment, Societal has appointed Wayne Weisman, the current chairman, as executive chairman of the board of directors. M…
Read the full article at: https://www.contractpharma.com/contents/view_breaking-news/2023-09-21/societalcdmo-announces-corporate-restructuring/