ARIAD Announces Reduction in Workforce as Part of Ongoing Company-Wide Strategic Review
March 29 2016 - 12:51PM
Business Wire
Approximately 25 Percent of its Headquarter
Positions to be Impacted
ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) today announced that
it is reducing approximately 25 percent of its headquarter
positions. The reduction includes approximately 90 positions in the
U.S. and Europe. No customer-facing positions within ARIAD’s
commercial or medical affairs organizations are included in this
action.
This reduction in workforce is one of five key areas of ARIAD’s
ongoing strategic review. In addition to the decision announced
today, the review also includes an evaluation of commercial
maximization initiatives, geographical presence, R&D portfolio,
and business development opportunities to support the overall
strategic direction. ARIAD plans to provide further details on the
progress of the strategic review, which is aimed at increasing
patient and shareholder value, in the second quarter of 2016.
“The decision to reduce the Company's workforce has been
extremely difficult, but we believe that it is a necessary step to
invest in the promising growth potential of both Iclusig® and
brigatinib and, ultimately, to further enable our orphan oncology
medicines to reach cancer patients in desperate need,” said Paris
Panayiotopoulos, president and chief executive officer of ARIAD. “I
would like to express my sincere gratitude to the talented
employees affected today, and we will do our utmost to ensure
everyone is treated with fairness and respect.”
About ARIAD
ARIAD Pharmaceuticals, Inc., headquartered in Cambridge,
Massachusetts and Lausanne, Switzerland, is an orphan oncology
company focused on transforming the lives of cancer patients with
breakthrough medicines. ARIAD is working on new medicines to
advance the treatment of various forms of chronic and acute
leukemia, lung cancer and other difficult-to-treat orphan cancers.
ARIAD utilizes computational and structural approaches to design
small-molecule drugs that overcome resistance to existing cancer
medicines. For additional information, visit
http://www.ariad.com or follow ARIAD on Twitter
(@ARIADPharm).
Forward-Looking Statements
This press release contains forward-looking statements, each of
which are qualified in their entirety by this cautionary statement.
Any statements contained herein which do not describe historical
facts, including, but not limited to, statements regarding: our
reduction in headquarters positions, our ongoing strategic review
and the expected timing for providing additional details on the
progress of this review, and our efforts to invest in the promising
growth potential of both Iclusig® and brigatinib and, ultimately,
to further enable our orphan oncology medicines to reach cancer
patients in desperate need, are forward-looking statements that are
based on management’s expectations and are subject to certain
factors, risks and uncertainties that may cause actual results,
outcome of events, timing and performance to differ materially from
those expressed or implied by such statements. These factors, risks
and uncertainties include, but are not limited to, our ongoing
strategic review, our ability to successfully commercialize and
generate profits from sales of Iclusig and our product candidates,
if approved; competition from alternative therapies; our ability to
meet anticipated clinical trial commencement, enrollment and
completion dates and regulatory filing dates for our products and
product candidates and to move new development candidates into the
clinic; our ability to execute on our key corporate initiatives;
regulatory developments and safety issues, including difficulties
or delays in obtaining regulatory and pricing and reimbursement
approvals to market our products; our reliance on the performance
of third-party manufacturers and specialty pharmacies for the
supply and distribution of our products and product candidates; the
occurrence of adverse safety events with our products and product
candidates; the costs associated with our research, development,
manufacturing, commercialization and other activities; the conduct,
timing and results of preclinical and clinical studies of our
products and product candidates, including that preclinical data
and early-stage clinical data may not be replicated in later-stage
clinical studies; the adequacy of our capital resources and the
availability of additional funding; the ability to satisfy our
contractual obligations, including under our leases, convertible
debt and royalty financing agreements; patent protection and
third-party intellectual property claims; litigation; our
operations in foreign countries; risks related to key employees,
markets, economic conditions, health care reform, prices and
reimbursement rates; and other risk factors detailed in our public
filings with the U.S. Securities and Exchange Commission, including
our most recent Annual Report on Form 10-K and subsequent Quarterly
Reports on Form 10-Q. Except as otherwise noted, these
forward-looking statements speak only as of the date of this press
release and we undertake no obligation to update or revise any of
these statements to reflect events or circumstances occurring after
this press release. We caution investors not to place considerable
reliance on the forward-looking statements contained in this press
release.
Iclusig® is a registered trademark of ARIAD Pharmaceuticals,
Inc.
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version on businesswire.com: http://www.businesswire.com/news/home/20160329006313/en/
ARIAD Pharmaceuticals, Inc.For InvestorsMaria Cantor,
617-621-2208Maria.Cantor@ariad.comorFor MediaLiza Heapes,
617-621-2315Liza.Heapes@ariad.com
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