Mid-year doldrums are hitting as multiple pharmaceutical and biotech companies have initiated layoffs across the United States.
The loss of patent protection on two drugs is forcing Gilead Sciences to terminate about 20 percent of the company’s sales team, according to reports.
Following a disappointing 2017 that included an agreement to pay $40 million to resolve criminal charges against its subsidiary Aegerion, Canada-based Novelion Therapeutics will slash an unknown number of jobs as it initiates “significant cost reduction plans.”
Paris, France-based Sanofi announced major restructuring involving layoffs. About 400 jobs cut will be in the U.S.
Cuts implemented by Israel-based Teva Pharmaceutical hit the shores of the United States. The company is laying off 208 people in the Philadelphia area.
Almost one year after filing a New Drug Application for an ADHD drug and less than one year after announcing it secured $200 million in financing, Ironshore Pharmaceuticals closed its doors.
OvaScience is restructuring to cut costs. As part of that process, the company is laying off about half of its staff.
Privately held Dart NeuroScience and its quest to develop therapies intended to improve cognitive vitality will close its doors on Feb. 9, 2018, due to poor progress on the San Diego-based company’s therapeutic goals and little return on hundreds of millions of dollars in research and development.
Share prices for Protalix Biotherapeutics were up more than 3 percent this morning after the company reported positive results from its Phase I/II open label extension trial of pegunigalsidase alfa, PRX-102, for the treatment of Fabry disease. Despite that positive news on its pipeline, Protalix is reportedly set to terminate 50 employees, which amounts to about 20 percent of its workforce.