Bayer axing 665 workers at US campus; NASH biotech pumps up share price with an ‘interim’ snapshot
→ Bayer is shutting down its old US headquarters complex near Pittsburgh as execs push through a global revamp. The remaining staff of just under 600 employees and another 100 contract workers are being cut in the process. Bayer is eliminating 12,000 jobs in the wake of the Monsanto deal. In a statement, Bayer said: “In the United States, we are beginning to implement this by consolidating administrative functions to best support our agriculture business, which is headquartered in St. Louis, and our healthcare businesses, which are headquartered in Whippany, NJ. As a first step toward this consolidation, we are announcing that we will be closing our administrative site in Robinson, PA, and informed employees at this site today. This decision will impact 569 positions and 96 contractors.”
→ Looking to pump things up this week the little biotech Lipocine $LPCN touted interim data from a small, 16-week study of its NASH drug. The endpoints are built around biomarkers for the disease. And it got what it was looking for with a quick surge in share price. As of mid-morning trading the stock was up 38%.
→ Spectrum Pharmaceuticals $SPPI is selling its commercial hematology/oncology portfolio to Acrotech Biopharma in exchange for $160 million cash to help fund its late-stage pipeline. About 40% of the staff will leave with the seven assets, most of them to transition to New Jersey-based Acrotech. The deal also comes with regulatory and sales milestones worth up to $140 million.