According to a California WARN notice, Sanofi is shuttering Principia Biopharma’s laboratories in San Francisco and laying off about three dozen employees after the Phase III PEGASUS trial failure of rilzabrutinib for pemphigus.
Paris-based Sanofi announced that the company’s Phase III PEGASUS clinical trial of rilzabrutinib for pemphigus failed to hit the primary or key secondary endpoints. Sanofi picked up the drug when the company acquired South San Francisco-based Principia Biopharma in August 2020 for $3.68 billion.
Sanofi announced the acquisition of Principia Biopharma in a deal valued at about $3.68 billion as the French company continues to transform its R&D division to more heavily emphasize oncology and other lucrative programs.
South San Francisco-based Principia Biopharma is looking to become a publicly traded company and is aiming for a $86 million initial public offering.