Layoffs
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Funds will also be utilized to enhance Corbus’ pipeline of novel endocannabinoid system-targeting drug candidates, and the company’s workforce will be reduced by up to 54%.
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As part of its half-year 2020 financial report, the company announced significant restructuring that will include cutting 40% of its staff.
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In addition to cutting staff, findings from the IW-3718-302 Phase III trial has caused the GI-focused healthcare company to discontinue development of IW-3718 and halt enrollment of its second Phase III trial, IW-3718-301.
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UNITY Biotechnology launched a restructuring program to focus on cellular senescence in ophthalmology and neurology. As part of the plan, it is decreasing its workforce by about 30% to optimize capital.
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In an 8-K filing with the U.S. Securities and Exchange Commission, Intercept Pharmaceuticals said it will eliminate approximately 170 employees as part of an effort to streamline the company’s operations and reduce operating expenses.
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Genentech is eliminating 474 employees, mostly based out of its South San Francisco facilities. The job cuts are expected to be permanent.
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JLL published its JLL 2020 U.S. Life Sciences Outlook, which ranks and tracks the progress of life sciences markets, particularly in how they relate to real estate development.
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DBV Technologies, located just outside Paris, announced it is cutting jobs while it awaits news from the U.S. Food and Drug Administration (FDA) about its application for Viaskin Peanut.
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According to a brief report by Reuters, the drug company plans to hold meetings with staff representatives tomorrow and Monday of next week to describe a restructuring plan, according to four sources familiar with the matter.
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Lundbeck stated that it is optimizing its research and development organization to strengthen and advance its pipeline.
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The restructuring is related to the planned divestiture of Intrarosa (prasterone) and Vyleesi (bremelanotide injection) and the impact of the COVID-19 pandemic.
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The culling of one-fourth of its employees is expected to save the company approximately $125 million through the end of 2021.
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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.
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Nanobeak Announces Termination of Jeremy Barbera
4/22/2020
Nanobeak Biotech Inc., a pioneer in mobile, non-invasive disease detection at the earliest stages, announced that Jeremy Barbera, Board member and Chief Science Officer, has been relieved of his duties and is no longer associated with the company, as of April 3, 2020.
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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.
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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, ...
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In addition, the company’s chief scientific officer, Seth Ettenberg, has resigned.
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The changes are designed to extend the company’s cash runway to the end of 2021.
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Struggling to Recover from Monsanto Debacle, Bayer and Nuivsan Found Research Unit in Berlin
2/12/2020
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.