MARLBOROUGH – Headquartered in Marlborough, Sunovion Pharmaceuticals Inc. plans to layoff hundreds of employees in the new year.
The pharmaceutical company filed a WARN act report with the Commonwealth in November, announcing it would lay off 360 employees on January 13, 2023.
SOURCE media reached out to Sunovion twice for comment and received no response.
The WARN act – Worker Adjustment and Retraining Notification Act requires most employers with 100 or more employees to provide notification 60 calendar days in advance of mass layoffs.
Sunovion employs more than 1,200 employees, according to the company’s website.
So, the 360 employees to be laid off would represent close to 30%.
The Marlborough location has about 500 employees.
Sunovion purchased its global headquarters at 84 Waterford Drive in Marlborough in 2002 for $35 million. There is 192,000 square-feet of space.
Sunovion produces medications to treat schizophrenia and bipolar depression, Parkinson’s disease, and epilepsy.
In May 2022 , the FDA gave approval to KYNMOBI, a Parkinson’s disease drug.
Since market launch in September 2020, KYNMOBI® has not been performing to commercial expectations and as a result of reviewing forecast of the earnings, patent rights, etc. related to this product have been impaired, resulting in an impairment loss of approximately $406 million U.S. dollars loss, said the company.
Reasons for the sluggish sales, said Sonovion to investors was:
- Fewer Parkinson‘s patients in need of rescue medication than expected
- The safety profile of KYNMOBI® was different than expected.