Two strug­gling biotechs fall un­der bear mar­ket in­flu­ence, as Spero sharply re­duces staff and Sesen seeks sale

As the bear mar­ket con­tin­ues bat­ter­ing the biotech sec­tor, Spero Ther­a­peu­tics and Sesen Bio are seek­ing ways to mit­i­gate loss­es.

Spero is un­der­go­ing an “im­me­di­ate ces­sa­tion” of com­mer­cial­iza­tion work on its com­pli­cat­ed uri­nary tract in­fec­tion drug, known as tebipen­em HBr, fol­low­ing feed­back from the FDA last week. The treat­ment is like­ly out the door as the an­tibi­otics biotech will let its med­ical and op­er­at­ing chiefs go in a sweep­ing com­pa­ny­wide lay­off.

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