Sirtex Medical Cuts 15% of Workforce in Restructuring

Cancer treatment specialist Sirtex? Medical has begun to clear the decks following a steady flow of bad news over the past year – including the departure of its chief executive – by writing down asset values and moving to cut costs, which pushed shares sharply higher Wednesday.

Only weeks after his appointment as chief executive, Andrew McLean has slashed by $90 million the value of intangible clinical and research and development assets, and has moved to cut staff numbers by 15 per cent with a $5.3 million restructuring charge, which will also see the chief medical officer leave.

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