Kronos Bio Inc. left most of its employees with little to be thankful for on 27 November when it announced a day before the Thanksgiving holiday in the US that in addition to CEO Norbert Bischofberger stepping down, the company will cuts its workforce by 83% by the end of 2024 as part of a plan announced earlier in the month to reduce costs while Kronos evaluates its strategic options, which may include a business combination or sale of the company’s assets.
Finance Watch: CEO Bischofberger Exits As Kronos Cuts 83% Of Workforce
Seelos Files For Bankruptcy; VBI, TFF Wind Down
Restructuring Edition: Kronos is laying off most of its employees as it considers strategic options, including a potential sale of its assets. Also, Agenus is restructuring and other companies revealed job cuts in Q3 earnings reports, including Sensei, AN2, NextCure and Aurinia.
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Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
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Public Company Edition: Cargo suspended development and cut 90% of its workforce to focus on strategic alternatives, while Pyxis and Kiromic laid off or furloughed employees. Also, Pfizer sold its remaining Haleon shares for $3.3bn, Galderma sold $1bn in bonds and other financings.
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Private Company Edition: There have been five $100m-plus VC rounds so far this month, up from three in all of February. Flagship unveiled Lila Sciences with $200m, while Curevo and Insilico raised $110m in series B and E rounds, respectively. Also, Arbor Biotech garnered $73.9m.
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Restructuring Edition: Biopharma companies used fourth-quarter updates to reveal job and program cuts to conserve cash, including Sutro, Agenus, Coherus, Inozyme and Atea. Also, Vincerx’s reverse merger was terminated and Vaccinex, Oncternal, Syros plan to voluntarily delist.
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