Ther­a­vance cuts 17% of staff, JAK in­hibitor pro­gram

Ther­a­vance Bio­phar­ma is cut­ting 17% of its work­force and a mid-stage in­haled JAK in­hibitor pro­gram, it an­nounced Mon­day af­ter­noon.

Ther­a­vance will be dis­con­tin­u­ing work on its in­haled JAK in­hibitor nezul­ci­tinib, which failed a tri­al in Covid-19 pa­tients in 2021. As a re­sult, Ther­a­vance said, it will be cut­ting about 17% of its staff by the end of March.

The changes fol­low Mon­day morn­ing’s call by ac­tivist in­vestor Irenic Cap­i­tal Man­age­ment, de­mand­ing changes to the board, a strate­gic re­view, and for less share-based com­pen­sa­tion.

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