Two weeks after it was jilted [1] in a key drug collaboration deal, IDM Pharma filed papers with the SEC saying it will lay off 60 percent of its workers at core facilities in Paris and Irvine, CA. IDM--which is based in Irvine--had already announced plans to restructure as it shelved a development program for the melanoma drug Uvidem and ratcheted back on its work regarding L-MTP-PE for osteosarcoma. The restructuring should be done earlier this year.
There's still no exact figure, though, on how many IDM workers will get a pink slip. IDM announced at the end of December that Sanofi-Aventis had decided to pull out of a partnership on Uvidem, leaving all rights for the drug with IDM.
- check out the AFX report [2] for more info
- see this release [1] for more
Related Articles:
IDM shares plunge on FDA's rejection. Report [3]
IDM Pharma gets new CEO as founder departs. Report [4]
Links:
[1] http://www.fiercebiotech.com/press-releases/idm-pharma-announces-termination-uvidem-development-collaboration
[2] http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-22278817.htm
[3] http://www.fiercebiotech.com/story/idm-shares-plunge-fdas-rejection/2007-08-27
[4] http://www.fiercebiotech.com/story/idm-pharma-gets-new-ceo-as-founder-departs/2007-05-29