Ardelyx brings out the ax, chopping 28% of staffers; PRA bags Symphony Health Solutions in $530M acquisition
→ A few months after Ardelyx $ARDX disappointed analysts with their lackluster Phase III data on tenapanor, Fremont, CA-based company has triggered a restructuring, looking to preserve cash as it navigates its late-stage effort. The biotech says it laid off 28% of its workforce, leaving 76 staffers on the job.
→ Raleigh, NC-based PRA Health Sciences is buying out data analytics company Symphony Health Solutions for $530 million. “We are excited about this new relationship and look forward to helping Symphony Health continue to grow their existing business and working with them to expand geographically using PRA’s global footprint,” said Colin Shannon, PRA’s chief executive. “Symphony Health will also provide us with rich data insights that will allow us to customize our clinical studies to be as unique as the patients who they are designed around. By creatively harnessing the power of our technology and data assets, we are redefining the clinical development process for a more patient-centric future.”
→ The disarray in the generics drug market that has roiled Teva is also having a big impact on Mylan. Eroding generics prices have eaten into its revenue, and Mylan isn’t being helped by new product launches this year. It’s pushing back launch dates for an Advair copycat until next year, likely spurring sighs of relief at GSK.