BenevolentAI lays off 180 after midphase flop

Today's Big News

May 25, 2023

Illumina shareholders vote in one Icahn nominee over current chairman, reject executive pay proposal


ASCO preview: Merck's Keytruda, Novartis' Kisqali face their moment of truth in early-stage cancers


BenevolentAI makes deep cuts after midphase flop, laying off 180 and shrinking lab footprint


Regulatory tracker: Pfizer's Paxlovid picks up full FDA approval


Medtronic acquires insulin patch pump maker EOFlow for $738M amid new MiniMed rollout

 

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Illumina shareholders vote in one Carl Icahn nominee over current chairman, reject executive pay proposal

Activist investor Carl Icahn’s proxy battle against Illumina reached its conclusion Thursday with wins and losses on both sides.
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Top Stories

ASCO preview: Merck's Keytruda, Novartis' Kisqali face their moment of truth in early-stage cancers

Before the annual ASCO meeting, Fierce Pharma gathered expectations for two important early-stage cancer studies from oncology leaders at Penn Medicine and MD Anderson Cancer Center, plus analysts at SVB Securities and Cowen.

BenevolentAI makes deep cuts after midphase flop, laying off 180 and shrinking lab footprint

BenevolentAI is cutting back its drug development operation in the wake of a midphase flop, laying off up to 180 staff, reducing its lab footprint, pausing some programs and dropping its lead candidate.

Regulatory tracker: Pfizer's Paxlovid picks up full FDA approval

In this tracker, Fierce Pharma is recording the regulatory progress of in-market products, including expansions into key geographies and new indications. Some of these updates may not meet the bar for standalone stories, but we think they are still worth mentioning.

Medtronic acquires insulin patch pump maker EOFlow for $738M amid new MiniMed rollout

Though the smallest of Medtronic’s four core businesses, the diabetes department has taken center stage as of late.

Johnson & Johnson takes another step in CAR-T race with Bristol Myers in multiple myeloma

In a race with Bristol Myers Squibb to advance cell therapies to treat patients at an earlier stage of multiple myeloma, Johnson & Johnson has hit another milepost. J&J and co-developer Legend Biotech have filed with the European Medicines Agency for approval of Carvykti to treat patients with relapsed and lenalidomide-refractory multiple myeloma.

Boston Scientific nixes $230M acquisition of stentmaker M.I.Tech, citing regulatory roadblocks

Almost a year after announcing its intention to acquire a majority stake in M.I.Tech, the South Korean medtech responsible for a portfolio of gastrointestinal and airway stents, Boston Scientific is walking away from the deal.

Biopharma staffers exhausted and susceptible to burnout, report says

Many employees at pharma companies find their work exhausting and are susceptible to burnout, according to a new report from workplace culture expert O.C. Tanner Institute. Among nearly 300 surveyed employees, 48% reported finding their work exhausting, with 30% feeling emotionally frustrated.

Fierce Biotech Layoff Tracker 2023: Athenex lets go of 123 employees amid bankruptcy; Novavax lays off hundreds

We had hoped that our Layoff Tracker would stay retired for a while, but 2023 is starting to look a lot like our old friend 2022 when it comes to layoffs in biotech.
 
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'The Top Line': 2023's biopharma layoffs, plus the headlines

This week on "The Top Line," we''ll discuss the recent biopharma layoff trends, plus Elizabeth Holmes, Sarepta Therapeutics, Abbott's FDA approval, and the rest of the week's headlines.

 

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