Massachusetts
October marked the first time this year there was an increase in both the number of biotech and pharma companies trimming their workforces and the number of affected employees when compared to 2025. Still, it’s highly unlikely 2026 layoffs will come close to matching the downsizing seen last year.
During Q3, there was a 31% year-over-year increase in job postings live on BioSpace. The number of employees affected by layoffs dropped 90%.
Bioscience employment rose in 41 states, though not in California, according to a new report from the Biotechnology Innovation Organization and the Council of State Bioscience Associations.
EyePoint is initiating a strategic review after duravyu failed another Phase 3 trial in wet age-related macular degeneration. Amid significant layoffs and trial terminations, the company is shifting attention to the asset’s potential in diabetic macular edema.
Biotechs developing therapeutics to treat rare diseases include two that received FDA approvals this year for drugs to treat spinal muscular atrophy and Alexander disease.
Big Pharma companies including Bristol Myers Squibb, Johnson & Johnson and Novartis are among those that made or planned layoffs in Q3. Those cuts could affect over 1,800 employees, with New Jersey the hardest-hit state.
Adecto Pharmaceuticals has ceased operations, while Aviceda Therapeutics is in the process of winding down.
Foghorn Therapeutics and Eli Lilly teamed up in 2021 to develop and commercialize oncology products. The biotech’s layoffs will leave the company with 65 employees as it refocuses on its proprietary portfolio programs.
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.
Biotechs that announced series B financing this year and are expanding their workforces include one that raised $2.1 billion and has partnerships with Eli Lilly, Johnson & Johnson and Novartis.
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