Infinity Pharmaceuticals lays off 78% of staff, shrinks board after MEI merger fail
Infinity Pharmaceuticals is scrambling to reduce its “burn rate” after the proposed merger with MEI Pharma fell through, turning to layoffs and a downsized board of directors in the attempt, it announced Tuesday.
Infinity laid off about 78% of its workforce — 21 employees — and three board members left, while the rest agreed to finish out their terms without getting paid after MEI had to scrap the merger on Monday because of a lack of shareholder support. About 2.05 million shares disapproved of the combination, and 1.9 million shares were cast in support.
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