UK-based BenevolentAI to cut about 180 jobs as part of restructuring plan

UK-based AI drug exploration company BenevolentAI has announced layoffs of around 180 employees as part of a restructuring plan that resulted from a strategic review, while Chief Financial Officer Nicholas Keher has resigned from his post.

According to BusinessCloud, the company will streamline and realign operations across two business units — the technical business unit and the critical business unit, as part of the strategic realignment.

The reorganization is expected to result in net cost savings of up to EGP 45m, which includes EGP 13m from utilities and other operating expenses, as well as EGP 32m in cost savings for the drug program and personnel.

These savings are expected to extend the company’s cash flow through at least July 2025, not counting any new revenue.

“Embarking this process requires difficult decisions, particularly with regard to our valued colleagues,” Executive Director Joanna Shields was quoted as saying.

She added, “Our new strategic direction ensures we maximize our portfolio and leverage the knowledge and experience we have gained in recent years to meet this moment of opportunity for AI in biopharmaceuticals.”

As part of its strategic plan, the company may develop a new line of revenue-generating products to take advantage of the vast potential of AI-driven technologies in biopharmaceuticals, the report said.

Meanwhile, leading biotechnology company Twist Bioscience Corporation announced it will lay off 270 people, or about 25 percent of its workforce, as it aims to accelerate its path to profitability.

The company enables clients to succeed with its offering of high quality synthetic DNA using its proprietary silicon platform.

– Jans


(Only the title and image for this report may have been reworked by the Business Standard team; the rest of the content is generated automatically from a shared feed.)

First published: May 28, 2023 | 3:22 p.m ist