Amicus terminates pact, cuts 20% of staff
Cranbury, NJ-based Amicus Therapeutics (FOLD) said in its third quarter earnings report that its collaboration with Shire is over. The two companies were partnered on three lead pharmacological chaperone compounds for the treatment of lysosomal storage disorders. According to Amicus' statement, the deal termination was mutual.
The company also said that it's cutting its workforce by 20 percent, or 26 employees, as a part of a corporate restructuring, as well as terminating its relationship with 17 contractors. Amicus' CFO Jim Dentzer is also departing. Amicus says the layoffs will give it enough cash to survive through the second half of 2011.
- check out Amicus' release