Devgen biotech to lay off some of its workforce

NEW YORK A Belgian biotech company plans to close down its pharmaceuticals division, which caused its shares to lose 8.6% of their value Wednesday.

Devgen will lay off 19 employees at the end of the month as it focuses instead on agricultural biotechnology products.

Devgen, headquartered in Ghent, Belgium, has offices in the United States, India and Singapore.