Silverback Therapeutics is halting the company’s clinical oncology programs and letting go of about 27% of its workforce as part of a restructuring initiative that would leave Silverback with more cash reserves.
Sage Therapeutics ended two late-stage studies of the depression drug zuranolone after discussions with the U.S. Food and Drug Administration led the company to believe they were unnecessary for potential regulatory approval.
Teva Pharmaceuticals Inc. made more cuts in the United States, this time to real estate holdings. To save money, the company will close its offices in Washington, D.C. and New York City. No jobs were reported to be lost from the cuts.
Following a failed Phase III vaccine for stem cell transplant recipients, San Diego-based Vical Incorporated is slashing 54 percent of its employees and focusing the company’s remaining resources on two mid-stage candidates.
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.
Medtronic announced a restructuring initiative that could save the company $3 billion over several years and impact an unknown number of jobs.
Novogen updated investors on the company’s strategic review of operations. On June 8, 2017, Iain Ross was appointed as chairman, which triggered the review by the board and management team.
After losing $111 million in the first six months of 2017, NantHealth – one of billionaire Patrick Soon-Shiong’s biotech companies – plans to reorganize and lay off 300 people. Approximately half of those people laid off will transfer to Allscripts.