Layoffs
The downsizing comes after a year of workforce cuts and reorganization for Roche’s subsidiary.
Follow along as BioSpace tracks job cuts and restructuring initiatives throughout 2025.
The layoffs will heavily affect Vertex’s operations in Rhode Island, where the biotech will consolidate three facilities into one.
As of March 31, Recursion Pharmaceuticals had a cash position of $509 million. Following Tuesday’s layoffs, the biotech expects its runway to last into the fourth quarter of 2027.
The lawsuit alleges that HHS leadership knew the records they used to guide their layoff decisions were inaccurate and contained errors.
Although the FDA has rejected Stealth’s new drug application for Barth syndrome candidate elamipretide, the agency identified a potential accelerated approval pathway. The company has pared down its staff to conserve resources to fund a potential resubmission.
Keros will be down to 85 full-time employees after the layoffs and expects to generate annualized savings of $17 million.
iTeos expects to absorb nearly $25 million in one-time costs for severance and termination payments. The biotech had 173 full-time employees at the end of 2024.
Nearly a third of employed and almost half of unemployed BioSpace survey respondents are seriously considering leaving the U.S. to find biotech and pharma jobs. Concerns about how the political climate is affecting biopharma are a key driver for many.
The layoffs will take effect on July 22 and particularly target those working in sales, data engineering and product management.
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