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Finance Watch: Sutro Halves Workforce, Cuts Lead ADC And CEO Moves On

Earnings Season Brings Cost Cuts, Layoffs

 
• By Mandy Jackson

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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Sutro Biopharma announced after the stock market closed on 13 March that as a result of a strategic portfolio review the company will end development of its one and only clinical-stage antibody drug conjugate (ADC) – luveltamab tazevibulin (luvelta), targeting folate receptor alpha – and implement a 50% workforce reduction. Longtime CEO and board member Bill Newell has stepped down, with president and chief operating officer Jane Chung assuming his roles.

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