Nastech spins off RNAi unit, restructures

After a rough week that saw its stock price slide by 65 percent following Proctor & Gamble's decision to bolt from a collaboration deal, Nastech Pharmaceutical is laying off workers and restructuring its operations. For now, there's no estimate on exactly how many of Nastech's 197 workers face pink slips. But Nastech wants to concentrate its focus on late-stage therapies--including the osteoporosis product once partnered with P&G.

Nastech's RNAi business is also being spun off into a separate, publicly traded biotech. A spokesman for the company told the Seattle Post-Intelligencer they were already planning the spin-off. This is the second big partner to bolt from a pact with Nastech. Last year Merck dropped out of a pact with Nastech involving an obesity therapy.

- see this release on the cuts
- read the release on the RNA spin-off
- check out the report from The Seattle Post-Intelligencer

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.