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

Suggested Articles

Insitro picked up $143 million to build out its technology, pursue new targets and advance treatments for genetically defined patient groups.

Generation Bio filed for a $215 million IPO to advance a pair of gene therapies for liver disease and push one of them into the clinic.

The IPO will push Avidity's lead muscle disorder program through IND-enabling studies and into the clinic in 2021.