Looking to cut costs and focus on fewer development programs, Exelixis announced that it is laying off 78 people--10 percent of its workforce. The company didn't provide details as to when the layoffs would take place or whether the positions being cut are filled or vacant.
"The layoffs may not be the last for Exelixis, a poster child for drug development, innovative financing deals and partnerships with the likes of Bristol-Myers Squibb and Genentech," reports the San Francisco Business Times. "The company is looking to shed costs and pump cash from new partnerships into fewer programs." More cuts will be made if another partner licenses the drug and shifts development in-house, but the jobs will stay if a new partner pays Exelixis to continue doing research.
In a separate announcement Exelixis said Bristol-Myers Squibb has extended its agreement to discover therapies for cardiovascular and metabolic disorders. Exelixis gains $6 million in additional research funding.
- see the article for more
- here's the release on the BMS pact