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Finance Watch: Vir Restructures, Adds Sanofi Cancer Drugs To Clinical-Stage Pipeline

New Strategy Cuts 25% Of Workforce

 
• By Mandy Jackson

Restructuring Edition: Vir will end influenza, COVID-19 and T-cell-based viral vector platform programs to focus on clinical hepatitis and cancer assets. Also, FibroGen cut 75% of its workforce after a clinical trial failure, while Arbutus, HilleVax, Pfizer and others also announced layoffs.

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• Source: Shutterstock

Vir Biotechnology, Inc. brought on a new CEO in 2023 and in 2024 it is bringing on a new therapeutic area, while announcing its second round of job cuts in less than a year. The infectious disease specialist announced a restructuring plan on 1 August that will give it a second therapeutic area focus – oncology – through a deal to acquire a portfolio of T-cell engaging therapeutics from Sanofi.

San Francisco-based Vir said it is taking decisive steps to strategically restructure and prioritize its resources around its highest-value opportunities,...

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