(KRON) — A Bay Area biotech company is laying off half of its staff amid what it is calling a “strategic portfolio review.” Sutro Biopharma is cutting 65 jobs across two Bay Area locations.
The layoffs, which are permanent according to state filings, will see three people lose their jobs at Sutro’s South San Francisco office on Oyster Point Boulevard. Another 62 employees at Sutro’s San Carlos location on industrial road are also being impacted by the job cuts.
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Last week in a press release, Sutro said that in addition to reducing its headcount by 50 percent, it would be deprioritizing investment in luvelta, an anti-ovarian cancer drug. The company said it will continue to explore global out licensing opportunities for luvelta.
As part of the reorganization, the company’s chief executive, Bill Newell, will also be stepping aside. As part of his exit package, Newell will receive two cash payments totaling over $1 million, according to an SEC filing.
Sutro’s President and Chief Operating Officer Jane Chung will take over the responsibilities of chief executive officer, the company announced.
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