Transkaryotic Therapies Inc. or TKT in Cambridge, Mass. said 80 employees received notices
that they would lose their jobs this week, part of a planned cost-cutting effort resulting from drug development setbacks.
Chief Exeuctive Michael Astrue said last month that the
company would eliminate the positions, reducing the number of employees to 346 from 446. The other 20 workers left the company.
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By year’s end the company expects to have less than 300
employees, including attrition, said spokeswoman JustineKoenigsberg. The company does not yet have an estimate for the cost of the job reductions, Koenigsberg said.
Shares of the biotechnology company fell 6 cents to $5.31 at 1:24 p.m. EST on the Nasdaq Stock Market. They’ve fallen 40 percent since Jan. 10, the last day they traded before the company failed to win the backing of a U.S. regulatory panel for its Replagal drug.
Replagal is a treatment for Fabry disease, a rare hereditary
disorder that may cause organ damage and raises the risk of heart disease and stroke.
Bloomberg News
