Layoffs
Novartis announced a global restructuring that will include cutting thousands of jobs. The restructuring is intended to effectively merge two divisions within Novartis into one.
Shares of Kaleido Biosciences are plunging after the company announced its intentions to cease all company operations, lay off its remaining staff and delist from the Nasdaq Exchange.
In a regulatory filing, the Cambridge, Massachusetts-based company indicated that it plans to “refocus its strategic priorities” and lay off 42% of its workforce.
Six months after acquiring Kadmon Holdings, pharma giant Sanofi is closing Kadmon’s New York facility. As part of the paring down, Sanofi is also laying off 25 employees at the location.
Following the ongoing trend in the pharmaceutical industry, approximately 30% of bluebird’s staff will be let go in an effort to reduce operational costs to under $340 million by the end of 2022.
As Novartis explores the possible sell-off of its Sandoz business, the company is undergoing a significant transformation that it says will save about $1 billion in operations costs by 2024.
Job cuts in biotech tend to occur during the end of a quarter, and the end of this first quarter is no different. Continue reading for news of four biotech companies making workforce layoffs this week.
Silverback is halting its clinical oncology programs and letting go of about 27% of its workforce as part of a restructuring initiative that would leave it with more cash reserves.
Taysha Gene Therapies announced that it will focus its efforts on clinical programs targeting Rett Syndrome and giant axonal neuropathy (GAN), resulting in a 35% reduction in its workforce.
Several employees at three biopharma firms are not having a very good week, as Zealand Pharma, Merck and Orchard Therapeutics all announced job cuts.
PRESS RELEASES
