Layoff July 2024
The layoff affects the US employees and no Irish employees. Multiple reasons can be quoted, and the employment landscape is different. Example:
https://www.matheson.com/insights/detail/key-distinctions-between-the-employment-law-landscape-in-the-us-and-ireland
The employment laws are different and they favor Irish employees. There can be other factors, for example, some companies handle layoff in the US using part of organization that is abroad. In addition to different employment laws, suing the Irish organization by a US ex-employee is practically almost impossible. Expenses and time required are prohibitive to an average employee.
Consider this for a next position in international organization.
New CEO is working the stock price down. Good news will be coming after stock drops below 70. His ex-parent company could be interested in M&A step. Will be still much less to pay than at $100 per share. Good job, CEO. And there will be laypoffs for better bottom line. CEO got good experience in this at Genentech.
BioMarin said it’s wrapped up a pipeline review and will stop investing in four experimental therapies because they don’t meet its threshold for patient impact and commercial opportunity.
Two of the discontinued programs, BMN 355 for long-QT syndrome and BMN 365 for PKP2 arrhythmogenic cardiomyopathy, hadn’t yet been tested in humans. The other two, BMN 331 for hereditary angioedema and BMN 255 for a certain kind of liver disease, were in early stages of clinical testing, according to a BioMarin presentation for investors in September.
BioMarin said its full pipeline will be subject to “ongoing assessment.”
At the same time the investment community considers Roctavian as a commercial flop.
All this indicates restructuring that will negatively affect large number of employees, as well as long term investment community. Prospects for being acquired could also diminish.
The earlier entry describes the current chaotic and dangerous environment people have to cope with. Some of this have been present in company operations before, but the recent CEO departure and change at the top exacerbated all the ills and added many new ones. Top management tries outdo each other in throwing others under the bus. This behavior has however migrated to lower levels making life difficult for everyone. From bad to worse.
This is the earlier entry:
"It's been miserable here for the last 3 years. Anyone that does actual work has been slowly laid off. Management and the majority left are more focused on power points to upper management because their worried about their jobs, while those that do actual work are left struggling with less headcount to get double the work done. Everyone is just waiting till the ax falls. Which instills a culture of fear, so nothing is being advanced. Your point person is there one day and silently gone the next, without any communication by management on who is now taking over their responsibilities. So weeks are lost, as people scramble to find someone to do the work. "Big picture" projects that would give the company long term flexibility are shot down. Management does not have your back, because they are worried about their jobs as well. I have never worked in a place with such blame culture in my entire career. It's never "let's fix this" it's "who's fault is this". There's no cross functional communication . No one knows what other depts are doing. Some depts are running the same projects unbeknownst to each other. Upper management are in fighting and busy throwing each other under the bus, which makes working almost impossible, since you spend the majority of your day in conflict and strife "
