Apellis Pharmaceuticals, a prominent biopharmaceutical company based in Waltham, Mass., has unveiled its plans to enhance growth for its Syfovre and Empaveli products through a strategic restructuring initiative. This move is expected to yield substantial cost savings of up to $300 million by 2024.
Focused Approach on Syfovre and International Expansion
Apellis will prioritize supporting the ongoing commercial launch of Syfovre, an innovative treatment for geographic atrophy, in the United States. Additionally, the company aims to prepare for potential international releases, strengthening its presence in global markets.
Streamlining Empaveli and Advancing Research
To optimize resources, Apellis plans to reduce expenses related to Empaveli through a consolidated commercial and medical organization dedicated specifically to paroxysmal nocturnal hemoglobinuria (PNH). Furthermore, Apellis will advance the development of systemic pegcetacoplan to address two rare kidney diseases without approved treatments. However, the company has clarified that it does not intend to undertake any new clinical development programs with systemic pegcetacoplan at this time.
Workforce Reduction and Associated Costs
As part of the restructuring process, Apellis will proactively reduce its headcount by approximately 225 employees. This decision is expected to generate significant savings; however, it will result in one-time costs of $9 million to $11 million, primarily incurred during the latter half of 2023.