In the wake of Carl Icahn’s proxy battle, Illumina has begun cutting jobs and announced plans Monday to exit part of its campus in University City.
The San Diego-based maker of genetic sequencing equipment said in a regulatory filing that it is committed to reducing its annual expenses by more than $100 million in 2023.
The reduction in workforce commenced on June 21 and will result in charges of $25 to $35 million, the company said.
The company did not say how may employees would be laid off, but media reports suggested it could be as high as 10%.
The real estate that Illumina plans to exit is the three-building i3 campus located on the north side of La Jolla Village Drive at Interstate 805. The company’s other headquarters buildings are located about half a mile south.
After a proxy battle with Icahn that came to a head at the annual shareholders meeting in May, long-time CEO Francis deSouza stepped down and the company announced a search for his successor.
Illumina’s core global workforce comprised about 10,200 full-time employees as of Jan. 1, according to a regulatory filing.
Reuters contributed to this article.
