Alligator Bioscience Cuts 70% of Workforce to Address Financial Challenges and Refocus on Pancreatic Cancer Research

Layoffs:
Alligator Bioscience is laying off 70% of its workforce to reduce costs and stay afloat financially125.

Cost Savings:
The layoffs aim to save approximately $6 million annually5.

Refocus:
The company is refocusing its efforts on pancreatic cancer research, indicating a strategic shift in its research priorities5.

Industry Trend:
The biotech industry has seen a surge in layoffs in 2024, with various companies announcing significant job cuts to address financial challenges and improve operational efficiency123.

Economic Context:
The layoffs reflect broader economic uncertainties and shifting market dynamics, with companies across sectors, including technology and education, also announcing significant job cuts3.

Sources:

1. https://www.biospace.com/biospace-layoff-tracker

2. https://www.fiercebiotech.com/biotech/fierce-biotech-layoff-tracker-2024

3. https://www.challengergray.com/blog/job-cuts-announced-by-us-based-companies-surge-in-august-2024-hiring-falls-to-lowest-ytd-since-challenger-began-tracking-in-2005/

5. https://www.fiercebiotech.com/biotech/alligator-bioscience-clamps-down-costs-cutting-70-workforce-stay-afloat