Smaller biotechs hit as Shire cuts bait on experimental drugs
Amicus Therapeutics announced a work-force reduction of about 20%, or 26 employees, as a part of a corporate restructuring after a commercialization deal with Shire soured.
Shire had licensed compounds in development for Fabry disease, Gaucher disease and Popme disease from the company in November 2007.
Shire also said it will terminate its collaboration with Alba Therapeutics on an experimental drug for celiac disease. Shire acquired rights to the drug, larazotide cetate, outside of the US and Japan at the end of 2007.
As for Amicus, the biotech said reductions will occur across all levels and organizations within the company, and it is terminating relationships with contractors.