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Halozyme cutting 25 percent of its work force

Tue, 10/12/2010 - 6:45am
The Associated Press

Halozyme Therapeutics Inc. said Tuesday it will cut 25 percent of its work force in a restructuring move.

The company said it will decrease research relating to the discovery and preclinical assessment of new compounds, and instead focus on its core programs. Those programs include its midstage study of the potential insulin Ultrafast.

Halozyme will also focus on its partnerships with Roche and Baxter.

It couldn't immediately be determined how many people San Diego's Halozyme employs.

The company expects a charge in the fourth-quarter for the job cuts, but said it will be mostly offset by reduced payroll expenses.

Shares of Halozyme rose 13 cents to $8.11 in morning trading Tuesday.

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