01 Nov Double Dip in the Life Sciences?
We’ve noticed an alarming trend that we haven’t seen since early 2009. In the past two weeks, we’ve noticed a high number of pharma/biotech companies having layoffs.
This is just a small example from memory that I’ve seen this week:
Reata in Texas – pulled a late phase product
Aveo in Mass – scaled back to conserve capital for late stage candidates
Inspiration in Mass – 50% RIF and then declared chap 13
Ipsen in Mass – a partner of Inspiration
Amylin in CA – closing plant in San Diego post BMS acquisition
Sanofi PA – making Cambridge the COE for oncology
MPI Research in MI – cut the CEO and other exec staff to financial purposes
Let me be clear, I’m not calling a doom and gloom scenario quite yet. However, there has been an uptick and enough to for us to scratch our collective heads. What have you seen?