Shares of Theravance Biopharma rapidly declined after the company announced a Phase III cardiac drug failed to meet the study’s primary endpoint and a significant shift in its R&D efforts that resulted in a 75 percent staff termination.

After receiving a Complete Response Letter (CRL) from the U.S. Food and Drug Administration for the New Drug Application for tenapanor for control of serum phosphorus in adults with chronic kidney disease on dialysis, Waltham, Mass.-based Ardelyx is restructuring to save money.

Eli Lilly is cutting 163 jobs by closing its Dermira facility in Menlo Park, Calif. and selling off the latter company’s sweat drug Qbrexza, which is being acquired by Journey Medical.

DBV Technologies unveiled a global restructuring plan that will result in a reduction of more than 200 jobs.

Calithera Biosciences reported that the company’s CANTATA clinical trial of telaglenastat in patients with advanced or metastatic renal cell carcinoma (RCC) failed to hit the primary endpoint.

Less than a month after the failure of a Phase III Duchenne muscular dystrophy (DMD) trial, Switzerland-based Santhera Pharmaceuticals announced a corporate restructuring that includes the termination of 50 percent of the company’s workforce.

Shares of Bellicum Pharmaceuticals plunged following an announcement that the company will slash 79% of employees as part of a restructuring following the developmental pause for one CAR-T program.

France’s Genfit announced significant restructuring that will include cutting 40 percent of the company’s staff.

Ironwood Pharmaceuticals initiated an internal organizational restructuring that includes cutting up to 100 full-time employees from payroll following a review of unblinded data from the company’s Phase III trials for IW-3718-302, which show that the drug failed to reduce the severity of heartburn in patients with refractory gastroesophageal reflux disease (GERD).

San Francisco-based Unity Biotechnology launched a restructuring program to focus on cellular senescence in ophthalmology and neurology.