California-based Exelixis, a cancer-focused biotechnology company, is closing its King of Prussia site and eliminating 130 positions, writes Harold Brubaker for The Philadelphia Inquirer.
Exelixis expanded to the Philadelphia area in 2022, but less than two years later, the publicly traded company announced plans to stop leasing 40,000 of its 64,000 square feet of laboratory space in the region.
The company now plans on vacating the remaining 24,000 square feet. The exact closure date has not been disclosed.
In 2023, a company official had told investors that having a presence both on the East and West Coasts “sets us up well to be able to move on a global scale commercially when we have that opportunity with some of these new compounds that are currently in the clinic.”
At the time, the company highlighted its Montgomery County site as a way to access the region’s strong biotech talent pool. The reason for the retrenchment is unclear.
“As our business has continued to evolve, we have made the difficult decision to reorganize the company’s structure to focus largely on our operations in Alameda,” said the company.
Read more about the closing of King of Prussia’s Exelixis in The Philadelphia Inquirer.
