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Tripos Cuts Discovery Research Staff in Half, Shutters Temporary Lab Facility in Reorganization

This article has been updated from a previous version to reflect the fact that Tripos has closed only a temporary lab facility in Bude, UK. 

 

NEW YORK, Jan.  24 (GenomeWeb News) - Tripos has laid off approximately half of its Discovery Research employees and closed a temporary laboratory building in Bude, UK, in an attempt to streamline and refine the discovery business and associated cost structure, the company said today.

 

Tripos, based in St. Louis, said it is laying off 76 employees from its Discovery Research division. The unit previously employed 161 staffers, Tripos said.

 

In addition, Tripos is shuttering a 6,000-square-foot temporary laboratory building in Bude and exploring alternate uses for or disposition of the excess property, the company said.

 

Tripos estimates that it will incur restructuring charges of approximately $1.8 million associated with the workforce reduction and related costs. This figure includes $900,000 for severance and related employee costs and a $900,000 asset write-off associated with the closure of the temporary laboratory building. These charges will be recorded in the first quarter of 2006, Tripos said.

 

The reorganization coincides with the conclusion of a 30-day consultation period with employees mandated by UKlaw and previously announced by Tripos on Dec. 19.

 

Earlier this month, Tripos said that it had retained financial advisory firm Seven Hills Partners to explore strategic alternatives, including mergers and acquisitions, becoming a private company, and separating its informatics and research businesses to enhance growth prospects for its core businesses.

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