Vertex lays off 370, focuses on cystic fibrosis
Flagging Incivek sales have prompted Vertex to slash 370 jobs. Bloomberg reports that the company's hepatitis C drug has lost out to competitors as new drugs have entered the marketplace, and anticipated newer drugs, such as Gilead's sofosbuvir, have dampened enthusiasm for the treatment. Bloomberg notes Vertex's peak Incivek sales happened in the fourth quarter of 2011 and have been declining since. The cuts amount to 15% of the company's workforce.
The company said in a third-quarter earnings statement that it will focus on cystic fibrosis.