⇨ 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.
⇨ Bloomberg is reporting that China’s Zai Labs is lining up a $150 million IPO. The Shanghai-based company, led by CEO Samantha Du, is looking for a market valuation of about a billion dollars, a fresh sign of the boom times for biotech in the Asian market.
⇨ Perrigo has sold its API business to SK Capital for $110 million. The buyout comes with a supply agreement for marketed as well as experimental products.
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