SAN CARLOS, Calif. — Biopharmaceutical company Nektar Therapeutics said Tuesday it cut about 150 employees, or roughly 20 percent of its work force, as part of a restructuring plan and said its Chief Operating Officer Dr. Hoyoung Huh will step down.
Nektar said the restructuring plan is designed to complete the company's transition from providing drug delivery services to developing therapeutic drugs.
According to a filing with the Securities and Exchange Commission Tuesday, the job cuts include about 110 full-time staff and around 40 open positions. The company notified the affected employees Monday.
Nektar estimates a pretax restructuring charge in 2008 of about $7 million to $8 million, mostly related to one-time severance costs.
Separately, the company said Tuesday that Huh, who also was head of the company's PEGylation business, will serve on Nektar's board of directors.
In May, Nektar said it would cut 25 percent of its work force to reduce costs
Wednesday, February 13, 2008
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