US-based BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) is navigating a challenging period marked by difficulties in commercializing its gene therapies. In a recent SEC filing, the company announced plans to reduce its workforce by 225 employees as part of its “organizational redesign efforts.”
The restructuring is tied to BioMarin’s revised commercial strategy for its marketed therapy and R&D pipeline. The company is refocusing its approach to Roctavian (valoctocogene roxaparvovec), an adeno-associated virus (AAV) vector-based gene therapy approved for severe hemophilia A in the EU in 2022 and in the US in 2023. Additionally, BioMarin is halting the development of BMN 293, a potential treatment for myosin-binding protein C3 (MYBPC3) hypertrophic cardiomyopathy.
Regarding Roctavian, BioMarin disclosed earlier this month that its commercial efforts will now concentrate solely on the US, Germany, and Italy, with the goal of achieving profitability for the drug by the end of 2025. Until then, no additional markets will be pursued, and further manufacturing of the therapy will be paused until there is sufficient commercial demand.
BioMarin anticipates that the workforce reduction will result in severance-related costs of USD 30-35 million, which will be recorded during the first half of 2024.- Flcube.com
