U.S. biotech company FibroGen will lay off 104 workers, nearly a third of its U.S. employees, the company announced on Wednesday.
FibroGen, which is based in San Francisco, California, said it would reduce about 32 percent of its U.S. workforce and save 30 million to 35 million U.S. dollars in annual expenses in the future.
The company expects 13 million to 15 million dollars in charges related to the layoffs, including severance pay and employee benefits, according to a corporate filing.
FibroGen shares plunged by more than 85 percent in the past month and were down about 7 percent on Wednesday. The company’s market capitalization is now 232 million dollars.