“Kojin Therapeutics will be restructuring and winding down its operations in the coming months. Since last year, with a new leadership team in place, we have made striking progress in developing first-in-class, small-molecule, ferroptosis inducers for potential use in patients with cancer and autoimmune diseases. However, obtaining sufficient funding to propel these programs forward into IND-enabling studies and clinical trials has proven difficult to achieve.”
1 Discontinued Research Program
“San Diego startup Belharra Therapeutics, a biotech creating small molecule cancer and immunology medicines, has laid off 21 employees, Endpoints News has confirmed…
The employee cuts are expected to allow Belharra to extend its runway to achieve “key inflection points” while alleviating capital raise pressures, according to a spokesperson’s emailed statement to Endpoints. That spokesperson also wrote that the biotech will continue advancing its lead programs and working with partners Genentech and Sanofi.”
Albert Bourla, chairman and chief executive officer:
“Clearly, IRA overall is negative for innovation and does not promote a spirit that people could provide investments, but there are also some good things about it. So clearly, I wouldn’t like to see that the out-of-pocket that next year will be $167 per month for all your medicines for seniors.
“That, we want to be maintained. But this forced price setting is not a negotiation and also the penalty deal between — are things that needs to change.”
Brian Foard — Global Business Unit Head, Specialty Care:
“I think from an environment standpoint, the Inflation Reduction Act, there’s a couple of things in there. And as we’ve said before, our position is, it’s not really good for innovation just in general, the Inflation Reduction Act.”
“As part of its second-quarter business results, Vir revealed that it will no longer be continuing its work in COVID-19 and influenza, while pulling the plug on its T-cell-based viral vector platform. Instead, the biotech will restrict its virology business to its hepatitis B and D programs, allowing it to focus only on the “highest near-term value opportunities.”
“Under Vir’s strategic overhaul, the biotech will lay off 25% of its workforce, eliminating approximately 140 roles across its operations.”
“Vir now expects to close out the year with around 435 employees, which is some 200 employees fewer from its peak headcount in mid-2023.”
3 Discontinued Research Programs: COVID-19, influenza, and T-cell-based viral vector platform research programs.
“Specifically, Ricks referred to the IRA’s nine-year restriction on market exclusivity before government price-setting for small-molecule drugs as “terminating ideas before they have time to even grow roots.”
“I think that we’re going to miss the next Keytruda. And that’s why we’re raising the points that we are,” Ricks stressed.”
Bristol Myers Squibb will cut 6% of its workforce in a restructuring meant to save $1.5 billion in costs by the end of next year.
The layoffs will affect some 2,200 employees, the company said Thursday. It’s also trimming its pipeline of experimental medicines, consolidating its array of offices and laboratories and reducing “third party” spending…
Bristol Myers’ growth in the near term will be hampered by looming patent expirations for its two top-selling drugs: the blood thinner Eliquis, which it sells with Pfizer, and the cancer immunotherapy Opdivo. Its third highest-grossing product, the multiple myeloma treatment Revlimid, already faces limited generic competition.
Eliquis is also one of the first 10 drugs the U.S. government has targeted for price negotiations under the Inflation Reduction Act, or IRA…
“While the IRA has an impact in the middle of the decade, we feel very good about being able to more than compensate for that with a very young and attractive growth profile coming from our … portfolio and the pipeline,” said Boerner, on a conference call with analysts.
The restructuring announced Thursday is another step, designed to prioritize products that Bristol Myers sees as having the highest potential. The company said it plans to reinvest the targeted $1.5 billion in savings in those opportunities.
Two-thirds of the savings is expected to come out of Bristol Myers’ spending on research and development. The company has discontinued 12 programs, including a successor version of its immunotherapy Yervoy, and will continue to review its pipeline through the rest of the year, Samit Hirawat, Bristol Myers’ chief medical officer, said on Thursday’s call.”
1 Discontinued Drug: Yervoy (biologic)
12 Discontinued Research Programs: Yervoy, unnamed research programs
“As for its pipeline, the pharma group disclosed in Wednesday’s earnings presentation that it had discontinued the development of four early-stage assets including camonsertinib—which was being trialed in solid tumors—and belvarafenib, which was likewise being assessed for solid tumors in combination with Genentech’s Cotellic (cobimetinib). Roche also terminated two new molecular candidates—one for colorectal cancer and one for psychiatric disorders.”
4 Discontinued Drugs: camonsertinib (small molecule), belvarafenib (small molecule), unnamed colorectal cancer drug, unnamed psychiatric disorder drug
4 Discontinued Research Programs
“Pfizer is letting go an undisclosed number of employees and ending research operations at its site in Boulder, CO, the company confirmed to Endpoints News… At one point, it employed almost 300 people, according to Pfizer’s website… The site mainly focused on small molecules for oncology, according to Pfizer’s webpage for the location.”
1 Discontinued Research Program
“Pfizer briefed investors on the strategic priorities for its oncology business, which will be built on a portfolio focused more on antibody-drug conjugates and bispecific antibodies and far less on small molecules. Pfizer executives said the company’s change in business strategy is motivated in part by the disparity in how the Inflation Reduction Act’s drug price negotiation provisions treat biologics versus small molecule drugs… Company leaders said that the mix of small molecule drugs in its cancer portfolio will plummet from 94% last year to 35% in 2030.”
1 Discontinued Research Program
