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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Life Sciences Senior Associate

General Catalyst

San Francisco, CA, USA