According to a report published by Business North Carolina, NC-based company Science 37 Holdings recently laid off 23% of its staff, 73 employees, before being sold. Science 37 Holdings, is a drug trials services company in Research Triangle Park.
The company agreed to be sold to diagnostics company, eMed, last month for $38 million. According to the report, Science 37 will spend between $1 million to $1.3 million in employee severance costs.
The company stated that they believe the layoffs will “generate annual cash savings between $12 million and $13 million”. The deal is expected to be completed in the first quarter.