Bausch Health has laid off 49 employees in Petaluma, California, and is closing that location. The cuts, effective Aug. 13, represent a small part of the Canada-based company’s workforce. Bausch employed about 20,700 employees—including 8,100 in the U.S. and Canada—as of Dec. 31
All entries for: Biologic
August 14, 2025
Candel Therapeutics, Inc.
Neutral Outlook
Needham, Massachusetts
51-200 employees
The Inflation Reduction Act that creates a distinction between small molecule and large molecule products for purposes of determining when a drug may be eligible for drug price negotiation.
Disease Area: Oncology
Drug Type: Biologic, Small Molecule
August 14, 2025
FORTRESS BIOTECH, INC
Neutral Outlook
New York, New York
1-50 employees
The Inflation Reduction Act of 2022 (the “IRA”) contains substantial drug pricing reforms, including the establishment of a drug price negotiation program within the U.S. Department of Health and Human Services that would require manufacturers to charge a negotiated “maximum fair price” for certain selected drugs or pay an excise tax for noncompliance, the establishment of rebate payment requirements on manufacturers of certain drugs payable under Medicare Parts B and D to penalize price increases that outpace inflation.
Disease Area: Oncology
Drug Type: Biologic
August 14, 2025
IO Biotech, Inc
Neutral Outlook
Copenhagen, Denmark
51-200 employees
The Inflation Reduction Act (the “IRA”), which was passed in 2022, imposes inflation rebates on drug manufacturers for products reimbursed under Medicare Parts B and D if the prices of those products increase faster than inflation; and, beginning in 2026, the IRA establishes a “maximum fair price” for a fixed number of high expenditures pharmaceutical and biological products covered under Medicare Parts B and D following a price negotiation process with CMS. Similar efforts to control pharmaceutical and biological product pricing are also taking place at the state level.
Disease Area: Oncology
Drug Type: Biologic
August 14, 2025
Annexon Inc
Neutral Outlook
Brisbane, CA
51-200 employees
The Inflation Reduction Act of 2022, or IRA, was signed into law, which among other things, extends enhanced subsidies for individuals purchasing health insurance coverage in ACA marketplaces through plan year 2025. The IRA also eliminates the “donut hole” under the Medicare Part D program beginning in 2025 by significantly lowering the beneficiary maximum out-of-pocket cost and creating a new manufacturer discount program. It is unclear how other healthcare reform measures will impact our business.
Disease Area: Multiple, Rare Diseases
Drug Type: Biologic, Small Molecule
August 14, 2025
Spruce Biosciences
Neutral Outlook
South San Francisco, CA
1-50 employees
The Inflation Reduction Act of 2022 (“IRA”) was signed into law, which among other things, extends enhanced subsidies for individuals purchasing health insurance coverage in Affordable Care Act marketplaces through plan year 2025. The IRA also eliminates the “donut hole” under the Medicare Part D program beginning in 2025 by significantly lowering the beneficiary maximum out-of-pocket cost and creating a new manufacturer discount program. It is possible that the Affordable Care Act will be subject to judicial or Congressional challenges and amendments in the future. It is unclear how any such challenges and the healthcare reform measures of the second Trump administration will impact the Affordable Care Act and our business.
Disease Area: Endocrinology, Multiple, Psychiatry, Rare Diseases
Drug Type: Biologic, Small Molecule
August 13, 2025
Fate Therapeutics
Layoffs
San Diego, CA
51-200 employees
Some 12% of employees at Fate Therapeutics are on the chopping block as the California-based biotech seeks to extend its cash runway through the end of 2027. Fate had 181 full-time employees as of Dec. 31, indicating that this latest round of cuts could affect some 22 people.
Disease Area: Chronic Disease, Immune Diseases, Oncology
Drug Type: Biologic
August 13, 2025
Tourmaline Bio Inc.
Neutral Outlook
New York, New York
1-50 employees
…the Inflation Reduction Act of 2022 (the “IRA”) was signed into law, which among other things, (1) directs the HHS, to negotiate the price of certain single-source biologics that have been on the market for at least 11 years covered under Medicare (the “Medicare Drug Price Negotiation Program”) and (2) imposes rebates under Medicare Part B and Medicare Part D to penalize price increases that outpace inflation
Disease Area: Cardiology
Drug Type: Biologic
August 12, 2025
Merck
Layoffs
Rahway, NJ
10,000+ employees
Merck will let go of 58 people at its Rahway, New Jersey, headquarters effective Nov. 14. The layoffs come after Merck confirmed it will execute $3 billion in cost cuts to support the launches of more than 20 products nearing the market. The move could affect roughly 6,000 employees during the multi-year move. Merck is paring back its workforce to help support the launches of 20 products nearing the market, according to a July 29 announcement. The cuts include eliminating administrative, sales and research and development roles.
Disease Area: Antiviral, Cardiology, Immune Diseases, Multiple, Neurological Diseases, Oncology
Drug Type: Biologic, Small Molecule
August 12, 2025
Theravance Biopharma, Inc.
Neutral Outlook
South San Francisco, California
201-500 employees
The coverage gap was eliminated effective 2025 under the Inflation Reduction Act of 2022 (the “IRA”) and was replaced with a new manufacturer discount program), rules regarding prescription drug benefits under the health insurance exchanges, changes to the Medicare Drug Rebate program, expansion of the Public Health Service Act’s 340B drug pricing program, fraud and abuse and enforcement
Disease Area: Respiratory Diseases
Drug Type: Biologic, Small Molecule