Shares of Intercept Pharmaceuticals fell more than 10 percent following a decision by the company’s board of directors to cut 25 percent of headcount.
A filing with the U.S. Securities and Exchange Commission (SEC) indicates that the UK’s GlaxoSmithKline has a 13 percent stake in Spero Therapeutics, with 1,854,006 shares in the Massachusetts biotech company.
Pacira Pharmaceuticals will discontinue manufacturing of its DepoCyt product due to “persistent technical issues.” In addition to shuttering the drug production, Pacira will also terminate employees associated with manufacturing of the drug.
In light of a rejection from the U.S. FDA, Coherus Biosciences disclosed to the U.S. SEC that it plans to pink-slip 30 percent of its staff.
The U.S. Securities and Exchange Commission filed insider trading charges against two former executives and the husband of a former staffer of Ariad Pharmaceuticals.
The Securities and Exchange Commission singled out four biotech companies for allegedly promoting “fake news” in an attempt to manipulate share prices.
Robert Mulroy, CEO of Merrimack Pharmaceuticals, has resigned his position as part of a corporate restructuring move that will result in a 22 percent workforce reduction.
Struggling Eleven Biotherapeutics announced it will eliminate 70 percent of its workforce in a restructuring strategy in an effort to keep moving forward with its eye therapies.
Novartis opened a new $1 billion research facility on the outskirts of Shanghai, China. The facility is the company’s third major research center.
The announcement that Abbott was acquiring St. Jude Medical for about $25 million cast doubts on Abbott’s acquisition of Alere for $5.8 billion.