The company is shuttering its Brisbane headquarters and laying off a large chunk of employees, including its chief operating officer and senior vice president.
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 move its headquarters to the company’s office in Richmond in an effort to reduce costs. This move will also necessitate the reduction of 162 jobs, or 40% of the company’s U.S.
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. Biotech companies across California have been conducting similar efforts over the past several months: most recently, San Diego-based cancer drug company Kinnate Biopharma laid off 70% of its workforce in September.
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