Medtronic to close Silicon Valley facility

Today's Big News

Apr 13, 2023

Biotechs see 'staggering' 87% rise in layoffs during Q1, on pace to overtake 2022


GSK throws counterpunch as 'skinny' label feud with Teva circles Supreme Court


Medtronic lays off 59 workers amid closure of Silicon Valley-area facility


Pharma passes tech to climb to 2nd place on ad spend leaderboard amid boom in digital promotions


Novavax CEO says more cost-cutting is on the way: Reuters


Sickle cell disease gene therapies from Vertex, bluebird can be cost-effective at $1.9M: ICER

 

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Biotechs see 'staggering' 87% rise in layoffs during Q1, on pace to overtake 2022

In the first quarter of 2023, 56 biopharmas laid off staff—an 87% jump compared to 2022, when 30 companies reported layoffs for the same period, according to a Fierce Biotech analysis. 
 

Top Stories

GSK throws counterpunch as 'skinny' label feud with Teva circles Supreme Court

In its “skinny label” legal saga with Teva, GSK has hit back following the U.S. Solicitor General’s call for the Supreme Court to rehear the yearslong case. GSK argues the U.S. took a myopic view of the arguments.

Medtronic lays off 59 workers amid closure of Silicon Valley-area facility

In the wake of CFO Karen Parkhill’s February announcement that Medtronic would deliver “significant expense reductions” in the final months of its 2023 fiscal year—which closes out at the end of April—the medtech giant is closing a California facility, resulting in a round of layoffs.

Pharma passes tech to climb to 2nd place on ad spend leaderboard amid boom in digital promotions

Pharma has overtaken tech to become the second-largest industry for ad spending in 2023. That is one of a wealth of insights from the latest look at the data from SMI, which found pharma is dialing up spending on established mediums such as linear TV while simultaneously expanding quickly in digital video and podcasts.

Novavax CEO says more cost cutting is on the way: Reuters

Novavax has cut $50 million in costs in the first quarter, which may just be the tip of the iceberg, according to an interview with new CEO John Jacobs in Reuters.

Sickle cell disease gene therapies from Vertex, bluebird can be cost-effective at $1.9M: ICER

Vertex and CRISPR Therapeutics’ gene editing-based exa-cel and bluebird bio’s gene replacement therapy lovo-cel can be priced up to $1.93 million to be cost-effective, the Institute for Clinical and Economic Review said in a draft report.

Moximed struts to FDA approval for knee shock absorber implant

The former Fierce Medtech Fierce 15 winner's spring-loaded Misha implant cushions the thigh and shin bones of people suffering from painful osteoarthritis.

Prothena raids pharmacy aisle for Alzheimer's trial accelerant, teaming with Walgreens

Prothena has enlisted an ally to boost its pursuit of Biogen and Eisai in Alzheimer’s disease. Working with Walgreens, the biotech aims to accelerate enrollment in an early-phase clinical trial of a potential rival to Leqembi.

Don't sweat it: FDA OKs single-use sodium patch to curb excessive underarm perspiration

The FDA is feeling the heat. Just in time for summer, the agency has cleared an adhesive patch from Candesant Biomedical that’s designed to reduce excessive underarm sweating for several months after just a few minutes of wear.

Alentis rides in zolbetuximab's slipstream to secure $105M series C for anti-fibrotic ambitions

The string of recent clinical successes for the antibody zolbetuximab has not only been welcome good news at AstraZeneca and Astellas, it has also buoyed biotechs working on their own Claudin-targeting therapies.

Otsuka, Lundbeck head into key FDA panel meeting with agency support for their Rexulti application

Seeking a new approval to curb agitation in Alzheimer's patients, Lundbeck and Otsuka Pharmaceutical are gearing up for an important test Friday. And it appears the FDA is open to a potential nod for their atypical antipsychotic Rexulti.

Horizon Therapeutics highest ranked pharma on Fortune's Best Companies To Work For list

Horizon Therapeutics is reaching for the sky as it becomes the highest ranked pharma on Fortune’s annual Best Companies To Work For list for the second year in a row.

Reach Neuro's spinal cord stimulator nets FDA breakthrough tag for restoring arm movement after stroke

On the heels of a small NIH-backed study showing that its neurostimulation technology could improve upper limb mobility in people partially paralyzed by stroke, Reach Neuro has grabbed the FDA’s attention.
 
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