Six months after its official launch by Flagship Ventures, Massachusetts-based Vesalius Therapeutics is laying off 43% of its staff. With a current headcount of 67, the company is slashing 29 jobs.
Advanced insights from CytoReason’s disease models will support Pfizer’s drug development process.
The United States is in the early days of a recession and the biotech industry is in a bit of a slump. CEOs can take heart, however, by applying the lessons of previous recessions to business today and understanding what is different about the current situation.
Being expedient focuses on today’s challenges and needs, and often means skipping steps, estimating rather than calculating, and doing things quickly. Sometimes the expedient solution is necessary; however, it inevitably leads to more work down the road. This is the essence of efficiency – not just fast, but without wasted time and effort.
Plunging valuations have made biotech companies tempting acquisition targets for cash-rich Big Pharma and a flurry of deals is just what the battered sector needs to turn a corner.
When Theranos was formed in 2003, it promised to be the end-all and be-all of medical testing, a one-stop diagnostic shop from a single finger-prick of blood. What it actually did, as the world now knows, was perpetrate fraud on a massive scale, fooling its board of directors, investors and – worst of all – the physicians and patients who trusted the company to deliver accurate test results.
For many in the biotech space, the pandemic was a chance to prove their worth, creating vaccines in record time and, for some, earning significant profits. Now, with the pandemic receding amidst rumblings of a global recession, the industry is facing what some consider the worst times since its inception.
Western nations are working to lessen dependence on China as a supplier for ingredients and goods of all kinds, and China’s economy slowed significantly as a consequence of COVID-19 lockdowns, yet its biopharma sector appears strong. That’s because biotech is designated as a strategic emerging industry.
Ashfield and Huntsworth unite their full suite of advisory, medical, marketing, communications and patient and stakeholder engagement services to create Inizio, a strategic partner to health and life science companies throughout the life cycle of their drug products.
Leading healthcare venture capital firm Third Rock Ventures announced a new fund Wednesday morning, Third Rock Ventures Fund VI, providing the company with $1.1 billion to invest in new life science companies. This brings Third Rock to a total of $3.8 billion across its venture funds.