Layoffs

The culling of one-fourth of its employees is expected to save the company approximately $125 million through the end of 2021.

While the biopharmaceutical industry is working frantically to develop the tests, vaccines and therapeutics to combat COVID-19, the people doing the work are pushing their fears to one side. But, when asked, they admit to concerns. Not suprisingly, they mirror the fears shared by much of the world.

Following a setback with its experimental major depressive disorder drug in December, Sage Therapeutics will initiate a corporate restructuring that includes halving its employee headcount in order to focus its resources on the development of its pipeline.

The COVID-19 pandemic isn’t likely to end soon. Instead, the crisis stage may continue for weeks or even months before business regains some semblance of normality. The good news is that while biotech companies have slowed their hiring initiatives, layoffs remain unlikely at this point. Instead, biotech companies are enhancing flexibility on nearly every front.

In addition, the company’s chief scientific officer, Seth Ettenberg, has resigned.

The changes are designed to extend the company’s cash runway to the end of 2021.

Bayer is moving closer to a $10 billion settlement over the Roundup lawsuits and the company is in the midst of restructuring.

It was a busy week for biotech quarterly and annual reports. Here’s a look at some of the top stories including Bristol-Myers Squibb, AbbVie, GSK, Merck and more.

One day after GlaxoSmithKline began to outline some of the broad strokes of splitting the company into two separate entities, more details are coming into place – particularly staffing concerns over the integration of the company’s vaccine business into its pharma operations.

The layoffs are in departments across the company that aren’t central to its consumer testing and therapeutics business.