Shares of Endo International were up after announcing positive earnings and a new restructuring plan that is expected to “optimize” the company’s operations through the elimination of several manufacturing sites and the employees who work there.
Three biopharma companies recently shuttered their clinical programs after either their drug compounds failed clinical trials or interim futility analysis suggested they were unlikely to meet their clinical endpoints.
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.
Corbus Pharmaceuticals intends to restructure the company’s workforce and reallocate capital toward specific clinical and preclinical programs.
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.
Following a setback with the company’s experimental major depressive disorder medicine in December, SAGE Therapeutics will initiate a corporate restructuring that includes halving the drug manufacturer’s employee headcount in order to focus resources on the development of the product pipeline.
Cambridge, Massachusetts-based Unum Therapeutics announced a restructuring in order to shift assets toward the company’s preclinical program, BOXR1030, for solid tumors.