Orchard and Zealand Join Growing List Of Biotechs On The Ropes
Both Firms Forced To Restructure
Orchard and Zealand are the latest European players to succumb to a financial pinch in the biotech sector, streamlining their pipelines and laying off staff to save on expenses.
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US approval for its hypoglycemia injection Zegalogue last year has not been converted into commercial success. Zealand will be hoping that having diabetes giant Novo Nordisk onboard will put that right.
Restructuring Updates: Homology implemented modest job cuts as it ended a gene therapy trial, while ProQR revealed its second round of layoffs this year and Synthetic Biologics shifted focus to oncolytic virus pipeline. Also, Bolt, MacroGenics and others deprioritized programs in their Q2 updates.
After the boom of 2020 and 2021, the biotech sector is experiencing one of the deepest and longest downturns but there are hopes that catalysts could soon revive confidence.