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.
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.