Biotechnology company Enzon Pharmaceuticals Inc. said Thursday that it plans to lay off nearly half its employees by the second quarter of next year.
The layoffs will leave Enzon with 47 employees, the company said in a release. Enzon said the layoffs are intended to align resources with the company's research and development activities.
Enzon, based in Piscataway, N.J., has started notifying employees of the layoffs.
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The layoffs are expected to reduce annualized operating expenses by $6 million once fully implemented in June 2012, the company said. Enzon expects to incur a charge of about $3 million in the third quarter of this year related to the reduction.
Shares of Enzon closed down 20 cents, or almost 3 percent, at $7.50.
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