EQRx to trim more than 40 staffers in restructuring maneuver

23 Feb 2023
endpts.com
Phase 2Clinical Trial Failure
Three months after putting on hold its ambitious plan to bring low-cost, innovative drugs to the US market, EQRx is shedding jobs. The biotech said Thursday that it will let go 18% of its employees, or approximately 41 staffers, “to further increase EQRx’s operational efficiencies and streamline expenses,” per an SEC filing. The cuts will be done by the end of March and will bring the company down to about 300 employees. EQRx will save about $18 million a year after severance costs of $4 million. “EQRx would like to sincerely thank its departing employees for their hard work and dedication and wishes them well in their future endeavors,” the biotech added. The biotech laid out more of its financial status in its earnings report Thursday, including noting that it ended 2022 with $1.4 billion in cash and equivalents — which would give the company runway for another five years into 2028. After spending more than $355 million last year, EQRx said it plans to cut spending to under $275 million for 2023. The company went public in December 2021 in a merger with SPAC CM Life Sciences III. The deal that gave the company more than $550 million in cash and $1.2 billion in PIPE funds. The drug and biotech industries have been hit with a wave of layoffs and reorganizations this week. In California , Bayer is laying off 55 and Pfizer is laying off 196 employees. Last week, Frequency Therapeutics announced plans to lay off 55% of its staff after failing a Phase IIb for its lead candidate for hearing loss. Earlier in February, Thermo Fischer axed 200 positions in San Diego — and tiny co Magenta Therapeutics let go 84% of its staff, including most of the biotech’s executives.
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Organizations
Indications
Targets
-
Drugs
-
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Leverages most recent intelligence information, enabling fullest potential.