Tripos Announces Streamlining of its Discovery Research Business
News Dec 21, 2005
Tripos, Inc. has announced that it intends to streamline its Discovery Research business and has initiated the 30-day consultation period with employees mandated by U.K. law when job losses are expected in the range of 20 to 99 positions.
Any headcount reduction, which will reflect the evaluation and signing of certain pipeline opportunities, is expected to be finalized by the end of January 2006.
Tripos Discovery Research Ltd. (TDR) currently has 164 employees, most of which are based at its facility in England.
"Any staff reduction would be a difficult but necessary decision to ensure the success and future growth of the company," said Dr. John P. McAlister, president and CEO of Tripos.
"As our four-year $90 million file enrichment project with Pfizer Inc. draws to a close, we are carefully evaluating the staffing levels necessary to continue to provide the highest quality service to our customers as well as our new business prospects."
"We do not expect this action to affect existing and future customer relationships. Furthermore, Tripos remains committed to its Discovery Research business as demonstrated by our investment in the Tripos Discovery Research Center and recent launch of the LeadDiscovery™ program."
TDR will retain its focus on providing high-value, knowledge-led research services in partnership with a growing range of collaborators in the life science industry.
Specifically, TDR will continue to provide integrated medicinal chemistry services to accelerate hit finding, lead discovery and lead optimization drug discovery processes for its clients.
In addition, it will offer compound collection enhancement activities that leverage its design, high-speed production and purification skills.
The LeadDiscovery program launched in August, which generates libraries directed toward druggable gene family target classes (initially GPCRs and kinases), will be complemented by a new hit and lead-profiling biological screening service and the launch of next-generation LeadQuest®, a range of compounds with lead-like properties.
Dr. Mark Allen, senior vice president and managing director of TDR, added, "I am extremely proud of my colleagues at TDR and the dedication and innovation that they have demonstrated over the years."
"We continue to provide high-quality products and services to our customers, and are actively pursuing developing business opportunities, and signing new deals."
Tripos plans to offer any affected employees severance packages and also assist those employees with outplacement services.