Genmab to Sell US Plant and Cut 300 Jobs

In an attempt to save around $60 million annually, the Danish biopharmaceutical company Genmab is planning to sell its manufacturing facility located in Brooklyn Park, MN, and reduce headcount by approximately 300 positions.

The company will reduce staff across its international locations in an effort to work in as cost effective a manner as possible. Going forward, it will adopt a business model based on contracts with vendors to address clinical development work requirements.

Genmab said it did not intend to discontinue any current development programs and would continue to focus on creating antibodies with the potential to treat cancer.

Genmab bought the Brooklyn Park facility in early 2008 from PDL BioPharma for $240 million cash at a time when it found manufacturing capacity scarce. The facility will now operate on a maintenance-only mode with a small staff, until a sale is agreed.

Genmab's release