Gene Therapy Player UniQure To Lay Off 20% Of Workforce, Stop Parkinson's Study

uniQure N.V. QURE announced to cut about 20% of its total workforce, or about 114 jobs, and end investments in more than half of its research and technology projects to reduce costs.

UniQure expects to generate savings of about $180 million over the next three years through the restructuring.

The current balance of cash, cash equivalents, and investment securities of $628.6 million as of June 30, 2023 (excludes $100 million milestone payment subsequently received from CSL Behring) is expected to fund operations into Q2 of 2027

The company will also consolidate all manufacturing into its Lexington, MA manufacturing facility and consolidate process and analytical development into its Amsterdam, Netherlands facility. Commercial manufacturing of Hemgenix for CSL Behring will be unaffected by these actions.

As a result of the reprioritization, the company will be closing a research lab in Lexington and plans to sublease this space.

UniQure will discontinue more than half of its research and technology projects, including AMT-210 for Parkinson's disease and multiple undisclosed programs.

UniQure plans to focus on gene therapies targeting the central nervous system and liver-related diseases, including its drug candidates in development for Huntington's disease, Fabry disease, and a form of amyotrophic lateral sclerosis.

Chief Scientific Officer Ricardo Dolmetsch will leave the company as part of the restructuring, uniQure said. The Chief Business Officer, Rich Porter, will assume responsibilities for research and nonclinical and vector development.

Price Action: QURE shares are up 8.29% at $6.53 on the last check Thursday.