People, Setbacks

$757M and 5 years later, Celgene abandoned a biotech partner, triggering layoffs

Two months after we broke the story that Forma Therapeutics had axed R&D staff in a major reorganization of the company, founding CEO Steve Tregay is now joining the exodus. He’s being replaced at the helm by Genentech vet and chief strategy officer Frank Lee.

While Tregay confirmed to me in January that Forma had cut 61 staffers in what he called a strategic turn toward the clinic with their pipeline drugs, he declined to say what had happened to their foundation deal with Celgene. He promised an accounting later in Q1.

But it was fundamentally finished, along with the buyout option that Celgene had forged for itself in 2014.


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Research Scientist - Immunology
Recursion Pharmaceuticals Salt Lake City, UT
Director of Operations
Atlas Venture Cambridge, MA

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