New York City-based pharmaceutical giant Pfizer Inc. has stopped its $350 million manufacturing plant project in Everett, marking a pivot in the company’s strategic expansion after its $43 billion acquisition of Bothell-based Seagen.

The Everett facility, located at 215 Shuksan Way, was originally part of Pfizer’s plan to bolster its manufacturing capabilities, reported the Puget Sound Business Journal. Seagen, a global biotechnology company focused on cancer treatments, signed a lease on the 269,097-square-foot facility in 2021, and Pfizer had announced plans to build a medical production facility from the ground up at the site.

The operations and therapeutic products initially slated for production in Everett are now moving to a plant in Sanford, North Carolina. Now, the closure of the proposed project will result in approximately 120 layoffs. “This decision is not a reflection on the performance of our colleagues but is in alignment with our site capacity design to meet the needs of the business,” Pfizer said in a statement.