DNA sequencing market leader didn't reveal how many workers are being let go in San Diego or elsewhere. Facing a leadership transition, the company aims to trim $100 million in annual expenses.
Illumina, the market leader in DNA sequencing equipment, said Monday that it has begun layoffs and will reduce its San Diego real estate footprint as part of an effort to slash annual expenses by $100 million by the end of this year.
While this round of layoffs began on June 21 — which falls within Illumina’s fiscal second quarter — the company said it expects further headcount reductions in the upcoming third quarter. It is unclear how many buildings Illumina currently occupies in the i3 campus. At least one of the buildings is on the market for sublease, according to CoStar, a real estate research firm.
Icahn launched a proxy fight seeking to add three hand-picked nominees to Illumina’s board of directors. He was highly critical of the company leadership’s decision to complete its $7 billion acquisition of cancer diagnostic startup Grail before getting approval from anti-monopoly regulators. Only one of Icahn’s nominees won a board seat at Illumina’s annual meeting in May 25. But shareholders did oust Illumina board chairman John Thompson — who had a long-standing relationship with deSouza.
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