BioSpace Layoff Tracker 2023: Verily Life Sciences, Calithera, Editas and More Cut Staff
13 Jan 2023
Acquisition
With 2022 in the books, many in the biopharma industry are looking back at the year that's passed and noticing trends that may help predict what's to come in 2023.
2022 saw myriad ups and downs in terms of the economy, and as it ebbed and flowed, so too did the job market.
As the COVID-19 pandemic waned, rumors of a potential recession began to circulate, causing biotechs and pharma giants alike to implement cost-reduction strategies. This included industry leaders like Novartis, GSK, Bristol Myers Squibb, AbbVie and more.
Even so, many others celebrated expansions and growth throughout the year, announcing plans to open new facilities and hire additional team members to fill them.
BioSpace followed the layoff trend throughout 2022 and will continue to be your source of news for job cuts and restructuring initiatives in 2023. Follow along as we keep you up to date on which companies are tightening their belts and cutting staff in the new year.
January
Jan. 11:
Verily Life Sciences, a unit of Alphabet Inc. formerly known as Google Life Sciences, plans to undergo a restructuring that includes cutting about 15% of its workforce - over 200 jobs in total.
Jan. 9:
Calithera Biosciences' board of directors has decided to dissolve the company and liquidate its assets, and most employees will be let go by the end of Q1. In 2021, Calithera bought two Phase II cancer assets from Takeda in an attempt to bounce back, but it announced in November that data from the assets had been delayed.
Editas Medicine announced it has cut 20% of staff, including Chief Scientific Officer Mark Shearman, Ph.D, in a pipeline reorganization. This follows the company's November announcement that it planned to press pause on its lead asset, EDIT-101, due to disappointing data.
Jan. 6:
Elevation Oncology has cut 30% of its staff, including CEO Shawn Leland. As part of the restructuring, Elevation has also decided to shelf seribantumab, its solid tumor therapy.
Jan. 5:
Century Therapeutics announced it plans to lay off 25% of its staff in order to extend cash flow for three candidates: CNTY-101 and CNTY-102 for B-cell malignancies and CNTY-107 for solid tumors.
Jan. 4:
Y-mAbs Therapeutics stated it will implement a restructuring plan that includes reducing its workforce by 35% by the end of May. The biotech stated it plans to prioritize Danyelza, its treatment for relapsed/refractory, high-risk neuroblastoma.
December 2022
Dec. 15:
Athenex Pharma Solutions filed a WARN notice with the state of New York stating it plans to close a production facility in Clarence, NY, laying off 92 employees as a result. The company stated the decision was due to financial difficulty, though it did not specify the cause.
Axcella Therapeutics announced that in an effort to reprioritize its resources, it will prioritize its Long COVID program and slash its headcount by 85%.
Dec. 9:
TherapeuticsMD, Inc. filed a notice with the state of Florida that stated it plans to lay off its entire workforce, totaling 212 employees.
Dec. 8:
Instil Bio announced it is discontinuing the development of its unmodified tumor-infiltrating lymphocyte (TIL) therapeutic, ITIL-168, and laying off 60% of its staff.
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