Pere­grine slash­es R&D in a re­org that claims 60 jobs; Zai Labs in hunt for $150M IPO - re­port

⇨ A year af­ter its lead can­cer drug flopped in Phase III, Pere­grine Phar­ma­ceu­ti­cals $PPHM is bring­ing out the ax and slash­ing its staff by 60 em­ploy­ees. The Tustin, CA-based biotech says it re­duced its R&D group by half, down to 11 work­ers, while its con­tract man­u­fac­tur­ing di­vi­sion Avid Bioser­vices was al­so cut. This is all a re­sult of a strate­gic re­view un­der­way to sur­vey op­tions for its R&D as­sets.

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