Layoffs
Follow along as BioSpace tracks job cuts and restructuring initiatives.
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.
Caribou Biosciences entered the scene in 2011 and went public in 2021. Over the course of its existence, the biotech has received funding and support from a handful of Big Pharma players, including Novartis, AbbVie and Pfizer.
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.
Novo CEO Maziar Mike Doustdar disclosed an additional 4,000 staff departures, which a spokesperson told BioSpace are linked to attrition and other measures.
Biopharma professionals are among those delaying retirement, with 52% expecting to leave the workforce later than originally planned, according to a BioSpace LinkedIn poll. A career coach and recruiter discuss why some are pushing out or moving up their exits.
GSK is consolidating its vaccine manufacturing operations to one site—located in Canada—amid the pharma’s recent $2.5 billion savings campaign.
Last month, biotech and pharma companies making or planning workforce cuts included three whose reductions will more than halve their workforces. Blueprint Medicines’ layoffs will affect the most employees.
TScan Therapeutics is looking for strategic partnerships for its heme and autoimmune programs while working to advance two in vivo T cell therapy candidates into investigational new drug–enabling studies.
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