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Prothena chief business officer to leave as part of reorganization

Prothena Corp. PLC said Tara Nickerson will leave the company as chief business officer July 1.

Nickerson's departure is a part of the company's reorganization and workforce reduction plan, which will reduce its workforce by 75 employees.

Prothena expects the workforce reduction will be substantially completed by Dec. 31, 2018, and entirely completed in the first quarter of 2019.

The company expects its workforce to be about 63 employees after completion of the reorganization.

Prothena said the restructuring will result in aggregate restructuring charges in the range of about $9 million to $13 million related to severance costs, employee-related benefits, supplemental one-time termination payments and noncash share-based compensation expense related to the acceleration of stock options.

Most of the restructuring charges are expected to be incurred in the second quarter of 2018, and substantially all of the cash payments are expected to be paid out by the end of the first quarter of 2019.