AMRI, the contract research firm also known as Albany Molecular Research, is closing its research and development center in Bothell, WA that employs 24 people.
AMRI (NASDAQ: [[ticker:AMRI]]) said today it is moving the Bothell site’s drug discovery capabilities to a company facility in Singapore, while certain analytical work will be consolidated at the company’s operation in Albany, NY. The company said the move will cost $11 million in one-time cash and non-cash charges, and is expected to save $2 million a year in the future.
The company explained the move as “a result of shifting market preferences related to integrated drug discovery activities.” Further down in today’s statement, it said the move was more clearly about cost-cutting, and it’s not the last cost-cutting move it has in mind. “We will continue to focus on improving our cost structure and capabilities in order to build stronger and long-term relationships with existing and new customers,” said Thomas D’Ambra, AMRI’s chairman, president and CEO.
The Bothell site is expected to be shut down by the end of March, the company said.
