After failing badly on the new commercialization front, Zealand slashes US staff, sends off CEO and pivots back to R&D
After dashing investors’ hopes last fall on the earning potential of the recently FDA-approved diabetes treatment Zegalogue, Zealand Pharma is radically changing up its game plan.
The Danish biotech, which has seen its share price $ZEAL slide by about 50% over the past year, is gutting its US operations, looking for some strategic partnerships to manage Zegalogue and V-GO, its wearable for blood sugar control. The company is eliminating 90% of its US workforce in the next few months — without telling us the numbers — with more layoffs to come in Denmark. More pacts are also planned for the pipeline products.
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