Re­cro shares tank on FDA’s CRL; Prothena ax­es more than half of staff; No­vo inks $200M deal with Epi­gen

→ Hard on the heels of the dis­as­trous fail­ure of its lead pro­gram, Prothena $PR­TA is ax­ing 57% of its staff, ac­count­ing for 63 jobs. CEO Gene Kin­ney says he wants to con­serve his re­sources for the neu­ro­sciences work still in the pipeline.

→ Shares of Re­cro Phar­ma $REPH tanked this morn­ing, drop­ping more than 50% af­ter the FDA hand­ed the com­pa­ny a re­jec­tion of its painkiller IV meloxi­cam. Ac­cord­ing to Re­cro, reg­u­la­tors weren’t con­vinced by their pack­age, not­ing that “da­ta from ad hoc analy­ses and se­lec­tive sec­ondary end­points sug­gest that the anal­gesic ef­fect does not meet the ex­pec­ta­tions of the FDA.” Re­cro plans to find a way for­ward at the FDA.

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