Science 37 plans to lay off 23% of staff prior to sale

Science 37 Holdings Announces Major Staff Layoffs, Amidst Merger with eMed Acquisition

In the first quarter of 2023, Science 37 Holdings, a drug trials services company based in Research Triangle Park, laid off approximately 73 employees or about 23% of its staff. This move was announced on Thursday after the company’s board of directors approved cost-cutting measures on Wednesday. The employees were notified on the following day.

Science 37 expects to spend between $1 million and $1.3 million in employee severance costs and will recognize that expense in the first quarter. The company went public in 2021 with a valuation of $1 billion through a merger with a special purpose acquisition company, which provided the company with $235 million in cash.

Following the eMed acquisition, Science 37 will continue to operate as a stand-alone business. The transaction is expected to be completed in the first quarter, and the company’s shares were trading at $5.72, up 4 cents, in Friday morning trading.

Leave a Reply

Gaza’s health authority under Hamas reports over 28,000 deaths Previous post The Gaza Conflict: A Tragic Loss of Life as Death Toll Reaches 28,000 and Injury Count Surges to 67,611 in Last 24 Hours
Dayton’s Top 25 And 1 ranking slips after loss to VCU in college basketball rankings Next post Dayton’s Slip in the Conference Race: How their Success Story May Change the NCAA Tournament Picture