July 25 Quick Takes: Biogen cutting 1,000 jobs

As part of its “Fit for Growth” strategic initiative under new President and CEO Chris Viehbacher, Biogen Inc. (NASDAQ:BIIB) will reduce headcount by about 1,000, the company said in its 2Q23 earnings report. Biogen had about 8,725 employees worldwide at Dec. 31, 2022. The company expects to save $1 billion in operating expenses by 2025, with about $300 million to be reinvested in R&D projects and launches of new products such as Alzheimer’s disease drug Leqembi lecanemab. BioCentury spoke with Viehbacher this month about Leqembi’s launch.

Shares of Stoke Therapeutics Inc. (NASDAQ:STOK) fell 32% ($3.06) to $6.47 on Tuesday after the company announced data from a pair of studies evaluating STK-001 in Dravet syndrome suggesting a lower-than-expected reduction in seizure frequency. Across 16 pediatric and adolescent patients treated with three 45 mg doses of STK-001 in the Phase I/II ADMIRAL and MONARCH studies, mean reduction in convulsive seizure frequency from day 29 through three months after the last dose was 18%. Last year, the company reported a 55% reduction in the first six patients treated at the dose level. The company is evaluating a 70 mg dose in the two studies, and reported a 42% reduction from day 29 through three months after the last dose in the first eight patients treated in the ADMIRAL trial. Stoke will present additional data in 4Q23, including data from patients treated at the higher dose in the MONARCH study...