Theravance cuts 17% of staff, JAK inhibitorJAK inhibitor program

28 Feb 2023
endpts.com
Phase 3Executive ChangeClinical Trial FailurePhase 2
Theravance Biopharma is cutting 17% of its workforce and a mid-stage inhaled JAK inhibitorinhaled JAK inhibitor program, it announced Monday afternoon. Theravance will be discontinuing work on its inhaled JAK inhibitorinhaled JAK inhibitor nezulcitinib, which failed a trial in Covid-19 patients in 2021. As a result, Theravance said, it will be cutting about 17% of its staff by the end of March. The changes follow Monday morning’s call by activist investor Irenic Capital Management, demanding changes to the board, a strategic review, and for less share-based compensation. The Bay Area biotech will be getting a new board member in Susannah Gray, formerly CFO of Royalty Pharma. In addition, it will propose to declassify the board at its next shareholder meeting, meaning that all directors will stand for re-election in the same year. Theravance has had little luck with JAK inhibitorsJAK inhibitors. Its past JAK inhibitorJAK inhibitor collaboration with J&J failed a key mid-stage study in ulcerative colitis in 2021. At the end of 2021, J&J cut its collaboration with Theravance completely. In 2021, Theravance also laid off 75% of its workforce, or some 270 staffers after a separate Phase III failure of ​​ampreloxetine in symptomatic neurogenic orthostatic hypotension. However, Theravance is doubling down on that candidate , spotlighting a subgroup analysis after a second trial fail in April.
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