Regulatory rejections and clinical trial failures are forcing biopharma companies to restructure in an effort to save costs.
Tag Archive for: job cuts
In its Complete Response Letter, the regulator said that Galera’s data were “not sufficiently persuasive to establish substantial evidence of avasopasem’s effectiveness and safety for reducing severe oral mucositis in patients with head and neck cancer.”
Today the company decided to cut 400 jobs and scale back operations at some its facilities, pivoting its focus on core products such as overdose reversal nasal spray Narcan and anthrax vaccines.
The company is eliminating non-customer-facing roles as it seeks to rein in costs after a recent spree of acquisitions.
The company said today that it expects to slash about 1,000 jobs, or about 11% of its workforce, under a fresh cost-cutting program as the company ramps up the launch of a new Alzheimer’s disease drug in efforts to return to growth.
The layoffs are a result of Sumitomo’s decision announced in April to combine its seven subsidiaries into one company.
The year kicked off with mass layoffs in the tech industry, leaving many wondering if the same was in store for the biopharma industry. Fortunately, though layoff announcements have been steady, the biotech sector has not seen nearly the same peaks.
The AI drug discovery company’s reorganization will include laying off around 180 employees and dropping its atopic dermatitis candidate BEN-2293 in an effort to save nearly $56 million.
As with the Massachusetts layoffs announced two weeks ago, a Takeda spokesperson stated that the cuts in California are directly related to the company’s decision to discontinue discovery and pre-clinical efforts in AAV gene therapy as well as research and pre-clinical efforts in rare hematology.
