Vertex Pharmaceuticals
NEWS
After a frantic second quarter, M&A steadied with just under $30 billion across 22 total transactions, according to a BioSpace analysis.
Of the 38 companies receiving incentives, 31 will expand outside of Boston and Cambridge. Still, Boston and Cambridge are each expected to gain over 200 jobs. Tax incentive award recipients include AstraZeneca, Bristol Myers Squibb and Insulet.
While Vertex is laser-focused on an upcoming FDA decision for povetacicept in immunoglobulin A nephropathy, the APOL1 inhibitor inaxaplin has demonstrated potential “best-in-class” data in a different kidney disease.
Applying artificial intelligence and automation tactics has played a large role in talent strategy conversations in the past few years. While many organizations initially focused on experimenting with tools and driving adoption to create efficiencies, leading employers are now asking deeper questions.
Workforce cuts this year at seven companies involved in recent mergers and acquisitions will cost over 1,300 employees their jobs. Affected businesses include Arcellx and Tourmaline Bio, acquired by Gilead Sciences and Novartis, respectively.
A surprise flop in Phase 2a cystic fibrosis trial sent Sionna’s shares plummeting, but for Vertex, the news reinforced its standard-of-care standing with highly successful drugs like Trikafta.
Positive two-year follow-up data for Otsuka Pharmaceuticals’ IgA nephropathy drug Voyxact could support the FDA’s ongoing review of Vertex Pharmaceuticals’ povetacicept, CEO Reshma Kewalramani said on the company’s second quarter earnings call.
With fewer biopharmas making or planning workforce reductions so far year over year, layoff round size and M&A impact on headcounts will likely shape the number of employees who are ultimately on the chopping block.
The FDA is currently reviewing Vertex Pharmaceuticals’ povetacicept, with a target action date of Nov. 30. If approved, the drug could benefit from campaigns from Novartis and Vera Therapeutics for their recently approved IgAN therapies Fabhalta and Trutakna.
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