Novavax to cut 25% of global workforce

Vaccine maker Novavax announced Tuesday that it's reducing its global workforce by 25% in an effort to significantly cut down on expenses and shift its focus to key priorities. 

The cuts will affect 20% of full-time Novavax employees. The rest will of the cuts will impact contractors and consultants, according to a filing with the Securities and Exchange Commission (SEC). The company has 1,992 full-time employees.

The company also plans to trim next year’s costs for research and development as well as selling, general and administrative expenses by about 40% to 50%...