AbCellera announces reorganization, reduction in workforce

On November 28, AbCellera Biologics announced a reorganization and associated reduction in its workforce to better focus its efforts towards the clinical development of new antibody medicines for patients.The reorganization is consistent with long-term plans to prioritize strategic partnerships and internal drug development, and to increase operational efficiency across the business. The workforce reduction impacts approximately ten, 10% percent of the company’s workforce. The Company estimates that it will incur approximately $2.5M in cash expense in connection with the workforce reduction. With over $1B billion in available liquidity, AbCellera has sufficient capital to execute on its strategy beyond the next 3 years. Information provided obtained from company 8K filing.