CSL to Spin Off Seqirus, Cut 15% of Workforce; Shares Plunge
CSL Ltd., an Australian biotech company, has announced a major restructuring plan. The key highlights are: 1. Spin-off of Seqirus, the company's vaccine business, into a separately listed entity. 2. Reduction of the workforce by up to 15%, aiming to cut costs by around $500 million annually. 3. The restructuring is part of the company's efforts to streamline operations and improve efficiency. The announcement led to a significant drop in CSL's share price, as investors reacted to the proposed changes. The spin-off of Seqirus and the workforce reduction are expected to have a significant impact on the company's overall operations and financial performance. The move is seen as a strategic decision by CSL to focus on its core business and drive long-term growth, while also addressing the challenges posed by the current market conditions and competitive landscape.
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