Layoffs
Novartis told Kent Online that the reason the company is looking at closing the facility is the rapid advancements in point of care diagnostic devices.
Nine months after a new leadership team was put in place, Depomed is looking to relocate its Bay Area HQ after inking a deal with Collegium Pharma.
Mettler-Toledo will begin to issue pink slips in March to employees at an upstate New York manufacturing facility.
Otonomy said dropping the program and terminating the employees will provide a cash savings of more than $20M in 2018.
Share prices for Protalix are up more than 3 percent this morning after the company reported positive results from its Phase I/II open label extension trial of pegunigalsidase alfa, PRX-102, for the treatment of Fabry disease.
News of the layoffs comes hard on the heels of the company’s credit rating having been cut to junk status by Fitch Rating.
The company expects to spend about $7 million to $10 million on severance costs, according to the filing with the SEC.
The majority of the cuts will be in Germany and about 1,800 will be in the U.S.
The company’s demise was explained in a blog post by Atlas Venture partner Bruce Booth.
Two days after Mylan CEO Heather Bresch said she sees a “strong finish” for the company through the rest of 2017, the company has reportedly let 200 to 300 people go from its West Virginia operations.
PRESS RELEASES
