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Finance Watch: Biopharma Firms Get Ahead Of Q3 Updates With Restructuring Reveals

Infinity Files For Bankruptcy, Mallinckrodt’s Approved

 
• By Mandy Jackson

Restructuring Edition: Biogen and Sana add to their layoff totals. Exscientia announced R&D program cuts while Syros, PTC, AM-Pharma, Societal CDMO, Nighthawk and Kinnate revealed layoffs to conserve cash. Also, Impel is exploring strategic options and Applied Molecular Transport will disappear in a merger with Cyclo.

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• Source: Shutterstock

Cost-cutting has become the norm for biopharmaceutical companies in 2023 as drug developers struggle to raise capital for ongoing research and development programs, never mind bringing in new funding for growth opportunities. But traditional reasons for restructuring are still around, as Biogen, Inc.’s round of layoffs after its acquisition of Reata Pharmaceuticals, Inc. shows.

Biogen announced its intention to buy out Reata in July, and the deal closed at the end of September, bringing...

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