Sirtex rises on job cuts

SHARES in Sirtex Medical shot 17 per cent higher after the liver cancer treatment developer announced writedowns and job cuts.

Sirtex will cut the value of its clinical and research and development assets by $90 million and will axe 15 per cent of its workforce as it moves to improve its performance.

Its shares were the best performing on the ASX 200 yesterday, soaring $2.31 to $15.80.

Sirtex chief executive Andrew McLean said the $90 million asset impairment and the job cuts, which will cost $5.3 million, were intended to reset Sirtex’s profitable core business for future expansion.

Sirtex’s core technology is a selective internal radiation therapy called SIR-Spheres Y-90 resin microspheres, which is used in the treatment of liver cancer at 1060 medical centres around the world.