COVID-19 vaccine maker Novavax has announced that it will lay off a quarter of its employees as the company faces “substantial challenges” this year amid the easing of the pandemic.
Novavax is focusing on “significantly reducing” its expenses while maintaining critical capabilities that are necessary to execute the company’s operating plans, the firm said in a press release on May 9. As part of this, Novavax will cut down its global workforce by around 25 percent. “Reducing our workforce has been a difficult decision, but we believe it was necessary to better align our infrastructure and scale to the endemic COVID opportunity,” said Novavax president and CEO John C. Jacobs.
