Bear market hits another biotech as RedHill Biopharma lays off a third of US salesforce
As the biotech bear market continues its relentless beatdown of the sector, another company is feeling the heat and laying off staff.
The Israeli/North Carolina-based RedHill Biopharma will trim its US commercial staff by one-third, the company announced Thursday afternoon, as part of a plan to try to save $50 million over the next 18 months. RedHill reported the layoffs as part of its first quarter update, and said the move would bring its US salesforce back to pre-pandemic levels.
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.