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Exelixis cuts workforce by 40% despite revenue jump

This article was originally published in Scrip

Executive Summary

Exelixis is cutting around 40% of its workforce, or 270 employees, to focus resources on the development of its late-stage compounds. It estimates the decision, primarily related to reductions in compensation and benefits, laboratory supplies and clinical trial costs, will save the company around $90 million by the end of next year.

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