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Pharmaceuticals
Biotech firms cut back staff
August 14, 2006
| A version of this story appeared in
Volume 84, Issue 33
Two biotech firms are cutting staff following setbacks. Neurocrine says it is eliminating 100 positions at its San Diego headquarters; its staff will now be 280 employees. Pfizer recently dropped out of a pact with Neurocrine to develop the sleep aid indiplon after a mixed FDA evaluation of the drug. Valentis, meanwhile, says it will reduce its staff of about 20 people by 60% and try to sell itself. The Burlingame, Calif., firm stopped development of its lead compound last month after reporting disappointing clinical trial results.
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