Spurned by the FDA, Arde­lyx ex­ecs grab bonus­es to stay on while ax­ing near­ly two-thirds of re­main­ing staff

Still reel­ing from a sur­prise CRL a few months ago, Arde­lyx is en­gag­ing in an­oth­er round of lay­offs. And this time, a few C-suite ex­ecs will earn re­ten­tion pay­ments in tan­dem with the re­struc­tur­ing.

The biotech said Wednes­day it will re­duce its work­force by 65% and lay off over 100 em­ploy­ees, two months af­ter let­ting about 80 em­ploy­ees go, ac­cord­ing to an SEC fil­ing. On top of that, CEO Mike Raab, CFO Justin Renz and CCO Su­san Ro­driguez will re­ceive re­ten­tion bonus­es com­pris­ing stock grants that vest on June 1, 2022, and six-fig­ure cash pay­ments stag­gered in mile­stones.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER