After the spring reductions in the workforce that left thousands of biotech employees searching for jobs, larger companies are, for the most part, moving forward.
Heron Therapeutics and Avadel Pharmaceuticals have now joined the ranks of life sciences companies cutting costs including laying off a significant number of employees.
Although the company promised strong sales-based resources for the launch of dry eye drug Tyrvaya, the streamlining plan will include laying off up to 50 employees.
Swiss biopharma giant Novartis plans to cut up to 8,000 jobs in hopes of saving at least $1 billion by 2024.
RedHill announced that it will lay off a third of its U.S. workforce in an effort to save money over the next year and a half.
The life science industry is growing rapidly, and many companies have announced expansions and job creation. Still, others have been forced to cut costs and slash jobs. For that and more, continue reading.
Amarin and Vincerx Pharma intend to restructure their financial strategies and lessen operational costs by trimming their employee rosters.
Shares of Cleveland-based Athersys, Inc. are plunging Friday after the company announced a strategic restructuring that will result in the slashing of 70% of its workforce.
Atreca is reducing its staff count by over 25%, covering current employees and open roles, and revising its operating plan to reflect these cost-cutting measures.
Genocea's board of directors voted to wind down ongoing operations and terminate its remaining staff, except for those necessary to see the company's closing.
Applied Molecular Transport (AMT) provided a strategy update on Wednesday. Part of the update includes reducing its workforce by about 40% and funneling resources into its lead program.
As Scholar Rock prepares to move forward with its experimental assets for spinal muscular atrophy, it has terminated 25% of its staff and also announced the loss of its chief medical officer.
Agios Pharmaceuticals is cutting its staff numbers by 50 as part of plans to lay low on exploratory research efforts to focus on the success of late-stage initiatives.
ImmunoGen, which is developing Antibody-drug conjugates (ADCs) for the treatment of cancer, is on a hiring spree. The company is looking to hire for more than 200 positions by the end of 2022.
Orion announced that it will be focusing on pain and oncology going forward. As a result, 32 working professionals within the company will be terminated, although six of those will be offered different positions.
Spero is reducing a huge chunk of its staff to minimize expenses and reallocate resources toward more promising projects in anticipation of the FDA's decision on its NDA for tebipenem HBr.
Genocea Biosciences and Solid Biosciences are undertaking a new strategic prioritization that includes reducing their headcount.
Sio Gene has terminated its licensing deal with the UMass to develop and commercialize two gene therapy product candidates to focus on more potentially profitable projects.
Novartis, Nektar and BridgeBio confirm their plans to restructure their operation, including a number of their employees being laid off.
Nektar Therapeutics outlined a strategic reorganization plan that includes cutting 70% of its workforce. This comes only weeks after BMS abandoned its clinical collaboration program with Nektar.
