Exelixis cuts 175 staffers to prioritize late-stage drug development
08 Jan 2024
Phase 1PROTACsClinical Trial FailureFinancial Statement
Exelixis is laying off 175 employees, or 13% of its workforce, to “rebalance resources” with a focus on candidates closer to market.
The company appears to have cut its Phase I small molecule CDK7 inhibitor asset XL102 under investigation for solid tumors. It was not listed on the company’s Sunday pipeline update and was last referenced in its third-quarter report on
Nov. 1
.
The layoffs are expected to be largely completed between January and March of this year, the company
said
in a press release. Exelixis is expecting to incur a $25 million charge due to the restructuring. The company had 1,223 employees in December 2022, according to an
SEC filing
.
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