Bay Area-based biotechnology company Sangamo Therapeutics is closing its Brisbane headquarters and conducting a round of layoffs as part of a restructuring process, the company announced.
Sangamo announced in a news release on Wednesday that it will shutter its Brisbane facility and relocate its headquarters to the company’s office in Richmond in an effort to reduce costs. This relocate will also necessitate the reduction of 162 jobs, or 40% of the company’s U.S. workforce, including Sangamo’s chief operating officer and senior vice president.
“I am grateful to all our employees for their commitment to Sangamo’s mission and the patients we seek to serve, and have special appreciation to all those who are leaving for their important contributions,” Sangamo CEO Sandy Macrae declared in the news release.
The company, which develops medicine aimed at treating genetic conditions, declared it hopes to focus on the treatment of neurological diseases amid its restructuring efforts. The 162 layoffs and the closure of Sangamo’s Brisbane headquarters are expected to cut the company’s yearly operating expenses from $240 million to $115 million, according to the news release. Sangamo did not return SFGATE’s request for comment by publication time.
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