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.
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