(KRON) -- A Bay Area biotech company that laid off dozens of people this week has blamed the job cuts on policies of the Trump administration. Eikon Therapeutics Inc. cut 55 jobs from its Millbrae facility, according to a WARN notice filed with the Employment Development Department.
Led by a former Merck executive and headquartered in Hayward, Eikon is a biotech company that develops cancer treatment drugs.
The job cuts, which were announced this week, will take effect on July 21, and amount to just less then 15% of the company's total workforce.
However, rather than casting the job cuts as part of a broader reorganization, or pinning them on over-hiring, Eikon has blamed Trump administration policies. In particular, cuts to academic institutions and research.
Macy’s employee punched during perfume theft"To be clear, these decisions were precipitated by external forces," read a post on the company LinkedIn page Thursday. "For example, government funding cuts have constrained the budget of academic institutions, necessitating that we pause development of our advanced instruments intended for external researchers."
"The market for these instruments has clearly evaporated," the post continues. "Similarly, with reduced investment in the global technology sector, prudence demands that Eikon sharpen its focus and generate efficiencies in our operations."
Eikon called the impacted employees "talented, and highly valued" and said it would make benefits available to help smooth their transition.
"The colleagues to whom Eikon bids farewell today will be missed," the post read. "Their ingenuity, dedication, and commitment have helped to create this extraordinary organization. Recognizing these contributions, we have made available numerous benefit programs to enable those who are affected to pursue other career options."
The layoffs come just three months after Eikon reportedly received a $350 million series D funding round.
The job cuts at Eikon are the latest to hit the Bay Area biotech industry, which has seen a number of layoffs over the past year.
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