US biotech is reducing its workforce by 11% and cancelling several R&D programmes to cut costs
Biogen is set to reduce its global workforce by 11% as part of a corporate restructuring. The company will cut over 800 jobs in an effort to reduce annual operating costs by approximately $250 million (£160 million).
The cuts will include terminating several pipeline R&D programmes, including Phase 3 trials aimed at extending the use of oral multiple sclerosis (MS) treatment Tecfidera (dimethyl fumarate) to secondary progressive MS. Development programmes in lupus nephritis and elements of immunology and fibrosis research will also be cancelled.
Biogen intends to pump the money saved from the cuts into sales and marketing of Tecfidera, as well as a more focused R&D pipeline including a number of Alzheimer’s disease candidates.