September Layoffs: A Recap Of Recent Workforce Reductions In Biotech And Pharma

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Agenus, balstilimab, CTLA-4/PD-1, botensilimab, AGEN2373, AGEN1571, AGEN1423

The pharma industry has been facing various challenges in 2023, such as the aftermath of the COVID-19 pandemic, the rising costs of drug development, the increasing competition from generics and biosimilars, and the changing regulatory and reimbursement environment. As a result, some pharma companies have resorted to layoffs to reduce expenses, streamline operations, and focus on core growth areas.

DateCompany NameNumber of LayoffsReasons for Layoff
Sept 28PTC Therapeutics25% of workforceRestructuring and focus on R&D programs
Sept 26Galecto70% of workforceLead lung disease asset failure and cash runway extension
Sept 26AM-PharmaNot specifiedWorkforce realignment after Phase III trial failure
Sept 26PoxelSignificant(There are 15 employees at Poxel compared to 37 at the end of December 2022)Financing for Phase II studies and resource constraints
Sept 22ImmunityBio~50 employeesFDA approval failure and manufacturing issues
Sept 19NightHawk Biosciences13 employeesPivot to contract manufacturing for cost savings
Sept 19Fresh Tracks TherapeuticsMost employeesLiquidation and dissolution due to strategic shift
Sept 18HistogenMost employeesClosure due to inability to enhance stockholder value
Sept 18Kinnate Biopharma70% of employeesReprioritization based on cash runway and pipeline focus
Sept 15Lyndra TherapeuticsNearly a quarterOutsourcing and partnership strategy for future products
Sept 122seventy bio40% of staff (176 employee)Difficult macro environment, program delays, and cost savings
Sept 11Enlivex Therapeutics50% of workforceFocus on inflammatory and autoimmune indications
Sept 6CSL Vifor85 employeesU.S. commercial business changes and synergy requirements
Sept 5Infinity PharmaceuticalsCEO, CMO, and moreOngoing restructuring and merger breakdown

Also Read: August Layoffs

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