COPENHAGEN Genmab will shut down a manufacturing plant in the United States and lay off employees, the company announced.
The Danish biotech company said it would sell its plant in Brooklyn Park, Minn., and reduce its workforce by 300 as part of a reorganization plan in hopes of saving $60 million.
The company instead will focus on innovation and developing monoclonal antibodies for treating cancer, such as the investigational head and neck cancer drug zalutumumab. Genmab and partner GlaxoSmithKline won approval from the Food and Drug Administration last month for the leukemia drug Arzerra (ofatumumab).
"It is vital that we refocus our energies on what Genmab is best at, and what the pharmaceutical industry needs most – innovation," Genmab CEO Lisa Drakeman stated. "The challenging demands on our industry require Genmab to take a hard look at our organization and continue to prioritize spending."