Biotech Values

[DewDiligence]

IDIX has scaled back its operation in Montpellier, France (a beautiful city on the Riviera). This is from an 8-K filing today:

http://sec.gov/Archives/edgar/data/1093649/000114420410019380/v180582_8k.htm

On April 9, 2010, Idenix Pharmaceuticals, Inc. (the “Company”) implemented a restructuring of its operations at the Company’s research facility in Montpellier, France to reduce its workforce by approximately 17 positions in connection with the Company’s ongoing cost saving initiatives. The majority of the workforce reduction will occur in the quarter ending June 30, 2010 and is expected to continue through August 31, 2010… The Company expects the restructurings to result in annualized savings of approximately $3.0 million to $ 4.0 million. Additionally, the Company further expects to realize reductions in general and administrative expenses in 2010 due to reduced personnel related expenses.

This follows the closure of IDIX’s R&D facility in Caligari, Italy (another gorgeous location) in early 2009 (#msg-39717323).

I’ve always wondered how people working in Montpellier and Caligari could get any work done :- )