Tripos streamlining includes slashing UK jobs
strategy, which is expected to result in job losses, principally in
the UK. The cuts come as Tripo's four-year $90 million file
enrichment project with Pfizer draws to a close.
Tripo's intention to streamline its Discovery Research business and has initiated the 30-day consultation period with employees mandated by UK law when job losses are expected in the range of 20 to 99 positions.
Any headcount reduction, which will reflect the evaluation and signing of certain pipeline opportunities, is expected to be finalised by the end of January 2006. Tripos Discovery Research currently has 164 employees, most of which are based at its facility in England.
"Any staff reduction would be a difficult but necessary decision to ensure the success and future growth of the company," said Dr. John McAlister, president and CEO of Tripos.
Tripos has recently committed a significant investment to its Discovery Research business by investing in the Tripos Discovery Research Centre and recent launch of the LeadDiscovery program.
The LeadDiscovery program launched in August, which generates novel libraries directed toward druggable gene family target classes (initially GPCRs and kinases), will be complemented by a new hit and lead-profiling biological screening service and the launch of next-generation LeadQuest, a new range of compounds with lead-like properties.
Tripos plans to offer any affected employees severance packages and also assist those employees with outplacement services. The financial impact of this action will be provided as it becomes available.
