BioCentury on BioBusiness,
Cover Story
Table: Restructuring watch
Back to the parent article
Published on
Monday, October 1, 2012
At least 12 companies reduced their workforces during
the third quarter, compared to at least 13 in the same period last year. All
cash and operating loss figures in $M.
|
Date
|
Company
|
Staff
cuts
|
Cash
|
Yrs
cash pre-cut
|
Cash
date
|
6-mo
op loss ended 6/30
|
|
7/3/12
|
Cardiome
Pharma Corp. (TSX:COM; NASDAQ:CRME)
|
85%
|
$60.7
|
2.84
|
6/30/12
|
$10.7
|
|
Cuts
include all internal research positions and supporting functions;
restructuring comes after partner Merck & Co. Inc. (NYSE:MRK)
discontinued development of the oral formulation of atrial fibrillation (AF)
product vernakalant, a controlled-release formulation of a mixed ion channel
antagonist; in September, Cardiome said Merck will return all rights to
develop and commercialize IV and oral formulations of vernakalant to
Cardiome; Cardiome will no longer have access to a $100M credit facility from
Merck, of which $50M has been drawn down
|
|
7/9/12
|
QLT
Inc. (TSX:QLT; NASDAQ:QLTI)
|
68%
to 68
|
$203.3
|
3.45
|
6/30/12
|
$29.5
|
|
Focusing
on QLT091001, a synthetic retinoid replacement therapy for 11-cis-retinal,
for which QLT plans to begin pivotal trials for Leber's congenital amaurosis
(LCA) in 1Q13 and for retinitis pigmentosa in 2Q13; expects restructuring to
save $20M annually; retained Goldman Sachs to explore the sale or spinout of
the company's Punctul Plug Drug Delivery System (PPDS); as part of the
restructuring, QLT in September sold its rights to ophthalmic drug Visudyne
verteporfin to Valeant Pharmaceuticals International Inc. (TSX:VRX;
NYSE:VRX) for $112.5M up front
|
230
words displayed of
951
words total.
To read this article, you must be an Archives subscriber. Please choose one of the options below.
All contents Copyright © 1993-2013 BioCentury Publications, Inc. ALL RIGHTS RESERVED. All use of this Web Site and its contents is governed by the BioCentury User Agreement and the BioCentury Terms of Use. The contents of this Web Site are protected under U.S. and foreign copyright and intellectual property laws, and no part of this Web Site or its contents may be photocopied, reproduced or retransmitted in any form without the written consent of BioCentury, which may be requested from Reprints/Permissions at www.biocentury.com. BioCentury®; The Bernstein Report on BioBusiness™; The BioCentury 100™; The Clear Route to ROI™; Because Real Intelligence is Hard to Find™; BCIQ™; and BioPharma's Knowledge Center™; are trademarks of BioCentury Publications, Inc., P.O. Box 1246, San Carlos, CA 94070. SciBX® and SciBX: Science-Business eXchange® are trademarks of Nature America, Inc. that are jointly used by BioCentury Publications, Inc. and Nature America, Inc.
|
Current Subscribers
If you are a current subscriber, log in below or in the upper right corner of this
page.
Log In
Subscription Option
Whether you want an individual subscription or need a global group license, we have the products,
the experience and the customer support that biopharma executives, researchers, investors, service providers,
and industry stakeholders have trusted for nearly two decades.
Let our Subscriber Services team customize the best intelligence package available in the industry to meet your needs.
Free Trial 4 Weeks of Access
Get a 4-week free trial subscription to see the important articles you are missing.
Get 4 Weeks Free
Thank You
Thanks for purchasing this article.
Please bookmark this url for future reference.
We have also sent you a confirming e-mail with a receipt and this same url for your
records.
close [ X ]