Layoffs
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.
The layoffs trend in the life sciences industry is continuing into the final months of 2022. See inside for details on which companies are reducing staff to increase cash flow.
Assembly Biosciences and X4 Pharmaceuticals have announced significant layoffs and reprioritization endeavors to let go of underperforming initiatives.
The Bay State, home to the busy bio-hub Genetown, is experiencing some growing pains. Companies like Biogen and Eisai (H3 Biomedicine) are reducing their headcount.
Adverum Biotechnologies is cutting 78 jobs after announcing it had successfully amended its Investigational New Drug application for ADVM-022.to treat wet age-related macular degeneration.
Heron Therapeutics and Avadel Pharmaceuticals have now joined the ranks of life sciences companies cutting costs including laying off a significant number of employees.
After the spring reductions in the workforce that left thousands of biotech employees searching for jobs, larger companies are, for the most part, moving forward.
Although the company promised strong sales-based resources for the launch of dry eye drug Tyrvaya, the streamlining plan will include laying off up to 50 employees.
Swiss biopharma giant Novartis plans to cut up to 8,000 jobs in hopes of saving at least $1 billion by 2024.
RedHill announced that it will lay off a third of its U.S. workforce in an effort to save money over the next year and a half.
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