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BUZZ-Aurinia Pharmaceuticals rises on job cuts, restructuring

Reuters
Nov 07, 2024
BUZZ-Aurinia Pharmaceuticals rises on job cuts, restructuring

** Shares of drugmaker Aurinia Pharmaceuticals AUPH.O rise 6.38% to $8 premarket

** Co says it is implementing a strategic restructuring to focus on its lupus nephritis treatment Lupkynis and the development of AUR200, which is in early stage study

** The restructuring will result in a workforce reduction of about 45%

** AUPH anticipates a one-time restructuring charge in Q4 of $15 mln to $19 mln

** Estimates post-restructuring annualized cash-based operating expense savings of more than $40 million

** Reiterates 2024 net product revenue forecast range of $210 to $220 million

** Up to last close, stock down ~16% YTD

(Reporting by Sriparna Roy in Bengaluru)

((Sriparna.Roy@thomsonreuters.com;))

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