Neoleukin sends 70% of staff packing as IL-2 biotech searches for sale or other exit
Neoleukin Therapeutics is preparing to fold its cards and will cut 70% of its remaining staff, including the CEO, about half a year after ending its clinical ambitions.
Next up is a hunt for strategic alternatives, which could include a merger, sale, licensing pact, divestiture of assets or another deal, the Seattle biotech said Wednesday after the markets closed. CEO Jonathan Drachman will have a “short transition,” and the layoffs will be completed by mid-year. Vyant Bio, Finch Therapeutics, Magenta Therapeutics and other biotechs have signaled similar fates in recent months.
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