Layoffs
As Novartis explores the possible sell-off of its Sandoz business, the company is undergoing a significant transformation that it says will save about $1 billion in operations costs by 2024.
Job cuts in biotech tend to occur during the end of a quarter, and the end of this first quarter is no different. Continue reading for news of four biotech companies making workforce layoffs this week.
Silverback is halting its clinical oncology programs and letting go of about 27% of its workforce as part of a restructuring initiative that would leave it with more cash reserves.
Taysha Gene Therapies announced that it will focus its efforts on clinical programs targeting Rett Syndrome and giant axonal neuropathy (GAN), resulting in a 35% reduction in its workforce.
Several employees at three biopharma firms are not having a very good week, as Zealand Pharma, Merck and Orchard Therapeutics all announced job cuts.
Merck announced that it will be laying off 143 people from the Cambridge, Massachusetts-based Acceleron.
Orchard Therapeutics announced today that it intends to focus its hematopoietic stem cell (HSC) gene therapy platform exclusively on severe neurometabolic diseases and early research programs.
Orion Corporation announced its plans to shift focus to new proprietary drugs in oncology and pain, expecting to cut 37 jobs.
Neurana Pharmaceuticals is facing dire financial straits following the failure of its Phase III treatment for muscle spasm relief associated with an acute, painful musculoskeletal condition.
Athenex announced that it is scaling its operations by more than 50%, while Zosano Pharma announced that it is reducing its workforce by around 31%.
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