Layoffs hit private gene therapy startups, migraine biotech Satsuma as industry squeeze doesn’t let up
Two small gene therapy makers and a biotech working on an investigational migraine drug have let employees go. The moves add to a broader year-long wave of layoffs that have sidelined thousands of workers in the industry.
Satsuma Pharmaceuticals said after Tuesday’s market close that it will lay off 36% of its workers, effective this Friday. The South San Francisco and Durham, NC biotech submitted its approval request to the FDA this month for a migraine drug, but Satsuma won’t be building a commercial team as it seeks an “established pharmaceutical company” to deliver STS101 to patients, should it get the green light. The company had 25 employees at the end of 2022.
To read Endpoints News become a free subscriber
Unlock this article instantly, along with access to limited free monthly articles and our suite of newsletters