Pfizer deepens R&D cuts with CovX closure

Pfizer ($PFE) is still trimming down its R&D budget, confirming to FierceBiotech over the weekend that it will shutter its San Diego-based CovX operation and cut 100 jobs, just a week after announcing that it plans to close up its Singapore research shop and let go of its 30 workers. Pfizer has said it wants to get its total R&D budget down to around $6.5 billion, and while all that cutting likely means more out-of-work researchers, it also means a big chance for CROs that can advance Pfizer's programs at a cost well below internal development. News

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