Novavax, based in Gaithersburg, announced Wednesday that it is cutting both fulltime employees and contractors by 12%.
According to a news release, Novavax officials “made the difficult decision to reduce our current global workforce.”
Those cuts mean that the workforce, which developed a protein-based non mRNA COVID vaccine, will be about 30% smaller when compared to the first quarter of 2023.
“With our mission to protect global public health at the forefront of all that we do, the new Novavax is being designed to be a leaner and more agile organization,” said John C. Jacobs, President and Chief Executive Officer.
“We are redefining how we do business and are purposefully focusing only on the critical activities needed to achieve our objectives and strengthen the financial performance of the Company,” Jacobs wrote in the news release.
The company still plans to launch its COVID-19-Influenza Combination vaccine Phase 3 trial.
“We continue to spend significant time grounding our understanding of the market opportunity based on learnings from this season, and we will plan to share details on this and our efforts to align the Company with the evolving business environment on our upcoming Q4 and FY 2023 earnings call,” said Jacobs.
“Our immediate focus is on executing these changes with empathy and support for the individuals who are transitioning out of Novavax, with gratitude for their efforts.
Today Novavax announced details about our continued transformation, which includes saying goodbye to colleagues. We are grateful for their hard work, dedication, and service to the organization and our mission to protect the health of people everywhere. https://t.co/WzLW8Znzdn pic.twitter.com/867uUnCHjt
— Novavax (@Novavax) January 31, 2024
