Novavax Lays Off 25 Percent Of Its Workforce

U.S.-based biotech company Novavax has laid off 25% of its workforce.  

"Reducing our workforce has been a difficult decision, but we believe it was necessary to better align our infrastructure and scale to the endemic COVID opportunity, says" John C. Jacobs, President and Chief Executive Officer, Novavax. 

"Though we still have substantial challenges ahead of us in 2023, we are encouraged by the progress we have made in the last quarter and are determined to continue executing on our top priorities," he added.

Like many other companies, the vaccine maker is looking at layoffs as part of a restructuring exercise that involves cost-cutting measures.