Apellis Set to Reduce Workforce by 25% in Corporate Restructuring

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Hoping to position itself for long-term success, Apellis Pharmaceuticals, Inc. has revealed a corporate restructuring with the aim of driving growth of Syfovre® (pegcetacoplan injection) and Empaveli® (pegcetacoplan). As part of the reorganization, the company intends to layoff around 25% of its current workforce and reduce expenses, resulting in up to $300 million in total cost savings through 2024.

“We are taking important actions to strengthen our ability to invest in growth opportunities and support the Company's long-term success, including maximizing the significant opportunity with Syfovre,” said Cedric Francois, MD. PhD, co-founder, CEO, Apellis, in a company press release. “As a more focused organization, we believe these initiatives put Apellis in a stronger position to create value for shareholders and continue delivering on our mission for patients now and in the future.”

Reference: Apellis Announces Corporate Restructuring to Drive Growth of SYFOVRE® (pegcetacoplan injection) and EMPAVELI® (pegcetacoplan), Positioning Company for Long-Term Success. Globe Newswire. August 29, 2023. Accessed August 29, 2023. https://www.globenewswire.com/news-release/2023/08/29/2733224/0/en/Apellis-Announces-Corporate-Restructuring-to-Drive-Growth-of-SYFOVRE-pegcetacoplan-injection-and-EMPAVELI-pegcetacoplan-Positioning-Company-for-Long-Term-Success.html