Restructuring

Restructuring Edition: Nxera will cut its workforce by 15% in Japan and the UK, among other changes. Also, nearing the end of its cash, Applied Therapeutics cuts 46% of its employees, Korro will cut staffing by 34% as it shifts focus and Metagenomi revealed a 25% workforce reduction.

CEO Bill Anderson tells Scrip that the German group looks at potential in-licensing opportunities across every stage of the pipeline “but as you know, good value is a lot harder to come by in the late stage.”

CSL Limited said during its annual meeting that with US influenza vaccination rates down 12%-14%, it will delay the separation of its vaccine business Seqirus beyond the end of financial year 2026.

While there may be the beginnings of a turnaround in biopharma capital markets, gains in the cell and gene therapy space may lag the broader sector recovery, noted speakers at ARM’s Cell and Gene Meeting on the Mesa.

Restructuring Edition: Takeda’s shift away from cell therapies will impact 137 employees. Meanwhile, Bolt is cutting its workforce by 50% to extend its cash runway into 2027, Innate’s staffing will drop by 30% and X4 will halve its workforce under a restructuring plan.

Non-binding offers have come mostly from groups of financial investors rather than biopharma players.

Public Company Edition: The neuropsychiatric disease-focused firm grossed $285m in the first IPO in the US above $100m since February. Also, Avidity raised $600m in a follow-on offering, Alnylam priced a $575m note sale and Propanc joins MEI in biopharma’s cryptocurrency ranks.

Private Company Edition: Early-stage drug developers saw the biggest drop in venture capital investment in Q2, according to Biomedtracker. Also, Atlas raised a $400m fund to back prior investments, Enveda’s $150m series D round and Harvey Berger will helm Arena BioWorks.

Charl van Zyl tells Scrip that pipeline is the priority as the company discontinues commercial operations in 27 markets.

The firm is concentrating on its Keytruda combo for head and neck cancer after being abandoned by Roche and boardroom battles.

The agency is expected to give its final verdict on elamipretide by the end of September.

Restructuring Edition: CSL Group will spin out CSL Seqirus as a standalone vaccines business as the parent company slims down. Some struggling companies are turning to investing in cryptocurrencies to create shareholder value.