Issue Date: February 25, 2008
Vernalis Slashes jobs After Setback
Vernalis, a British biopharmaceutical company, is cutting its staff from 210 people to about 90 and is closing its clinical development operations in Canada. Vernalis will also settle an $82 million loan with its partner, Endo Pharmaceuticals. The news, which follows FDA's refusal to approve its drug Frova for the treatment of menstrual migraine, is spurring speculation that the company may be a takeover target. Vernalis currently has drug candidates in clinical trials for Parkinson's disease, ischemic stroke, neuropathic pain, and obesity. It also has an R&D collaboration with Biogen Idec on a Parkinson's disease drug and separate ventures with Novartis and Servier on cancer therapies.
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