March 28, 2019 01:44 PM EDTUpdated 06:23 PM

First AbbVie chopped a PhIII, then they wrote off $4B in book value. Now 178 Stemcentrx workers are getting the ax

John Carroll

Editor & Founder

AbbVie is steadily chopping away at the people and programs they brought into the company with their big $10 billion Stemcentrx buyout deal.

Back in early January AbbVie wiped $4 billion off the book value of their Stemcentrx assets, a big chunk of the $5.8 billion they spent upfront to get the company and its cancer drug Rova-T. That followed a move to shutter an ongoing trial after researchers spotted a higher risk of death in the drug arm. And now comes news that AbbVie is laying off 178 Stemcentrx workers in South San Francisco, where they’ve been building a big new R&D hub for the company.

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First AbbVie chopped a PhIII, then they wrote off $4B in book value. Now 178 Stemcentrx workers are getting the ax

John Carroll

Editor & Founder

Unlock this article instantly by becoming a free subscriber.

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First Ab­b­Vie chopped a PhI­II, then they wrote off $4B in book val­ue. Now 178 Stem­cen­trx work­ers are get­ting the ax

John Carroll

Editor & Founder

Unlock this article instantly by becoming a free subscriber.

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