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.

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