Item 2.05 Cost Associated with Exit or Disposal Activities.
On
Following a careful analysis of its internal program pipeline to identify critical priorities moving forward, the Company decided to discontinue investment in certain development programs and focus its financial resources and human capital on programs the Company believes have the greatest potential for long-term commercial success. These changes are being implemented to help enable the Company to focus on potentially high value programs and projects where the Company believes it has a strong competitive advantage.
The Company is providing post-employment benefits and 2022 bonus payments to
impacted employees for a total of approximately
The charges that the Company expects to incur are subject to a number of assumptions, including legal requirements in applicable jurisdictions, and actual expenses may differ materially from the estimates disclosed above.
Forward-Looking Statements
This Current Report on Form 8-K contains "forward-looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that are based
on management's beliefs and assumptions and on information currently available
to management. Forward-looking statements include, but are not limited to,
statements regarding the intended benefits of the Company's refined corporate
strategy; the number of employees impacted by the reduction in force; the
Company's expectations for lower operating expenses; and the Company's
expectations regarding the estimated costs, the timing of such costs, and the
timing of completion of the reduction in force. Undue reliance should not be
placed on these forward-looking statements because they involve known and
unknown risks, uncertainties and other factors that are, in some cases, beyond
the Company's control and that could materially affect actual results.
Information about factors that could materially affect actual results can be
found in the Company's Annual Report on Form 10-K filed with the
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