Galecto lays off 70% of staff, considers strategic alternatives after IPF trial fail
Boston-based Galecto is laying off 70% of its employees and exploring a range of strategic alternatives a little over a month after it had to axe its lead candidate in lung disease following a failed trial.
Galecto hinted at the potential for changes in mid-August when it announced the mid-stage flop, adding that it was “evaluating resource allocation” to extend its cash runway in 2025. Galecto said Tuesday that it will lay off around 29 people and will seek a merger, acquisition or divestiture.
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