GreenLight BioSciences is reducing its workforce by laying off some staff members. A notice published in Massachusetts shortly after the biotech company announced a 51% decrease in its staff revealed that 96 layoffs would occur at locations in the state by next month.
The Lexington, Massachusetts-based RNA specialist announced its intentions to terminate staff members one day after agreeing to a $45.5 million deal that will take it off the stock market. When the layoffs were announced, the biotech company stated that the affected workers would be “employees supporting programs which do not have anticipated short-term value creation events.”
Further information is available in a Worker Adjustment and Retraining Act notice made public by the Massachusetts state government, which indicates that GreenLight will terminate 96 employees at the end of July. Considering the projected 51% decrease in employment and GreenLight’s workforce of 262 full-time workers as of mid-March, it is possible that employees outside of Massachusetts may also be laid off.
GreenLight’s corporate headquarters and human health facilities are located in Lexington. The company also has production facilities for RNA agricultural goods in Rochester, New York. The concentration of layoffs in Massachusetts and the targeting of programs without immediate value-creating activities suggest that the human health sector of the company may experience some reductions.
In May 2022, the biotech company began renting 59,000 square feet in Lexington for R&D on human health, providing clean rooms for the production of early-phase clinical materials. Additionally, GreenLight owns 69,000 square feet of lab and office space for human health in Woburn and Medford, two other Massachusetts locations.
The human health projects at GreenLight are less advanced in the market compared to the agricultural ones. The biotech’s annual report from March highlighted a product in line to receive clearance this year as one of the agricultural prospects.
On the other hand, the COVID-19 vaccine was GreenLight’s most advanced human health candidate and was about to enter phase 1/2 when the emergence of the Omicron variant led to a change of plans. At the candidate selection stage, the biotech identified a shingles vaccine as the next most promising contender.
About GreenLight BioSciences:
GreenLight BioSciences is a prominent biotech company based in Lexington, Massachusetts. With a focus on RNA technology, GreenLight specializes in the development of innovative solutions for both human health and agricultural sectors. The company has gained recognition for its cutting-edge research and development efforts in areas such as COVID-19 vaccines.
