Business
Less than six months after cutting 20% of its employees, Vedanta Biosciences has again laid off staff. According to one affected staffer, half of the Cambridge, Massachusetts–based biotech’s workforce is being cut while most of the rest are furloughed.
FEATURED STORIES
It doesn’t matter how many times you have traversed Union Square; no one knows which way is north, or where The Westin is in relation to the Ritz Carlton. A Verizon outage brought that into focus on Wednesday.
Primarily known as an immunology and neuroscience company, AbbVie wanted to put the biopharma world on notice during its J.P. Morgan presentation: its oncology portfolio is underappreciated. This week, the Illinois-based company dove into the sizzling PD-1/VEGF space with a licensing deal with China-based RemeGen.
Buying vaccine biotech Dynavax was an easy choice for Sanofi despite antivaccine moves by the Trump administration.
Subscribe to BioPharm Executive
Market insights and trending stories for biopharma leaders, in your inbox every Wednesday
THE LATEST
Versant Ventures launched Vector BioPharma, a company developing a “precision gene delivery platform that is devoid of viral genes.” Rani, REVA Medical and Summit Therapeutics also scored funds.
In partnership with GentiBio, BMS aims to harness the capabilities of engineered Treg therapies to re-establish immune tolerance and repair tissue in patients living with IBD.
Five years after joining Johnson & Johnson as head of research and development, Mathai Mammen is leaving abruptly to seek other opportunities outside the company.
Using Cerevance’s proprietary NNETSseq technology platform, Merck and Cerevance have partnered to identify new targets for the treatment of Alzheimer’s disease.
Biogen expects to lay off a potential 1,000 staffers in an effort to cut about $1 billion in costs, according to The Boston Globe, while 10x Genomics and Talis Biomedical also cut staff.
Novavax released its second quarter financial results, showing a dramatic adjustment in its sales outlook, while BioNTech prepares to launch two variant-adopted bivalent shots.
Mersana unveiled a global collaboration with GSK, which gives GSK the exclusive option to co-develop and commercialize Mersana’s antibody-drug conjugate XMT-2056.
A recent report predicts multiple acquisitions are set to be announced in the second half of the year, particularly by companies that have strong revenue streams from COVID-19 products.
Shares of Global Blood Therapeutics are surging once again after reports indicate Pfizer is the mystery suitor for the company. Pfizer could potentially pay as much as $5 billion for the company.
The agreement will grant Innovent exclusive development and marketing rights to tusamitamab in China, while Sanofi will be entitled to up to $81 million in milestones and royalties.