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.
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