982 California job cuts precede Actavis, Allergan merger
This article was originally published in Scrip
Before the quickly negotiated $66bn acquisition of Allergan by Actavis to thwart an unwanted deal proposed by Valeant Pharmaceuticals, Allergan began executing its well-known plan to cut jobs in California and Actavis had its own layoffs under way in the Golden State.
You may also be interested in...
Allergan is working on a plan to reduce costs now that Restasis generics could hit the US market in 2018, but the company said sales growth for other drugs coupled with new product launches will boost revenue even if the dry eye drug loses its blockbuster status.
Public Company Edition: Codiak, Kiromic, Aligos and Opthea have fallen below their initial public offering values, while Tarsus and Praxis are trading higher. Also, 5AM, MPM and Cormorant took biotech SPACs public and Evotec led recent non-IPO financings with a €250m private placement.
Private Company Edition: Venture capital invested in pharma and biotech in 2020 totaled $19.5m through Q3, just $400m below the full-year record total of $19.9bn in 2018. Also, Canaan and Catalio reveal new VC funds, while Talaris’s $115m series B leads recent financings.