The reduction was part of a ‘strategic assessment,’ a spokesperson for the agency said.
The agency let go of 66 of its 2,000-person workforce across varying departments.
The cuts, including several C-suite exits, come in the wake of the FDA’s decision not to approve Sage and partner Biogen’s drug for major depression.
Through the restructuring effort, Apellis is hoping to save $300 million through 2024 and plans to focus more on the growth of Syfovre.
The program, which the company calls “Fit for Growth,” is expected to generate $1 billion in gross operating expense savings by 2025.
The Swiss biotech is seeking to reign in its cash burn following weak insomnia drug sales.
Following a recent proxy battle with activist investor Sarissa Capital and facing decreased revenue, the company will restructure in an attempt to maintain cash flow.
Illumina said it would be reducing its headcount in order to maintain “sustainable long-term growth.”
The late-stage precision oncology company said it would lay off 65% of its workforce and halt the launch of a Phase 1/2 MANTRA-4 combination trial.
Layoffs have hit both small and large biotechs this spring, including employees at Novavax and Gossamer.
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