Cangene Corp. to cut 120 jobs

Cangene Corporation, one of Canada’s first and largest biotech firms, recently announced plans to cut 120 jobs.

The majority of the cuts, which represent 17 percent of the company’s total workforce, will occur in Winnipeg, where Cangene’s headquarters is located, according to the CBC.

A Cangene spokesman added that a bottle-filling plant in Baltimore, Maryland, will also be affected, though minimally. The plant mainly conducts contract work for several companies. Some jobs will also be eliminated from a small Cangene office located in Toronto.

Cangene is best known for selling immune therapeutics to international clients, including the U.S. military. Their line of medical countermeasures include drugs used to treat anthrax, botulism and smallpox.

Currently, Cangene has a workforce of 700 and expects the number to fall to 580 over the next month. Some positions have already been vacated as a result of a hiring freeze that has been in effect for some time. Annually, Cangene is hoping to cut spending by nearly $6 million annually.

Chief Financial Officer Michael Graham said the cuts will be made across most departments and individuals will be given at least 30 days notice as required by provincial law for companies eliminating more than 50 jobs at a given time, the CBC reports.