ObsEva Slashes 70% Of Staff To Survive
Restructuring Takes Effect At Swiss Biotech
Executive Summary
Having surrendered the rights to linzagolix, its GnRH antagonist for bleeding associated with uterine fibroids that the FDA blocked, ObsEva is showing the door to most of its staff in a bid to cut costs and keep in business.
You may also be interested in...
Finance Watch: Biopharma Reckoning Brings Restructuring Plans, Consolidation
With cash preservation in mind, Rubius will dissolve, while EQRx, Impel, Cybin and Graphite cut jobs. Meanwhile, Jounce is restructuring and it plans to merge with Redx, yet the dually troubled firms MEI Pharma and Infinity will combine, while VBL will disappear in a reverse merger with Notable Labs.
ObsEva Stays Afloat By Selling Lead Women’s Health Asset To XOMA
The Swiss firm has divested yet another one of its key programs in a bid to stave off insolvency and remain a listed company, forcing it to focus solely on a pre-IVF drug candidate.
Finance Watch: Rivus Raises $132m In Series B Cash To Fund Obesity Drug Trials
VC funding slowed recently, but public company financings kept up a brisk pace with follow-on public offerings for Allakos and Alpine, private placements for Ventyx and Syros, and Albireo’s royalty deal. In restructuring updates, Biogen raised $592m in a real estate deal and Acerus is assessing options.