Illumina Announces Layoffs as Incyte Forges AI Partnership for Drug Discovery
Illumina plans to lay off 96 employees at its San Diego headquarters14.
This is part of Illumina's ongoing workforce reduction, with the company having cut about 12% of its global staff over the past year7.
Incyte has entered a strategic AI-focused research collaboration with Genesis Therapeutics25.
The partnership will leverage Genesis' GEMS AI platform to discover and optimize small molecule compounds for Incyte-selected targets25.
Incyte will pay Genesis an upfront payment of $30 million, with potential milestone payments of up to $295 million per target2.
The collaboration initially focuses on two targets, with Incyte having the option to nominate an additional target2.
Genesis is eligible to receive tiered royalties on sales of any approved collaboration products2.
This partnership aims to accelerate the discovery of breakthrough small molecules for high-impact targets in Incyte's pipeline5.
The collaboration combines Genesis' AI technology with Incyte's expertise in drug discovery and development5.
This partnership reflects the growing trend of pharmaceutical companies leveraging AI technologies for drug discovery and development25.
Sources:
1. https://endpts.com/illumina-to-lay-off-about-100-people-incytes-new-ai-partnership/
2. https://investor.incyte.com/news-releases/news-release-details/incyte-and-genesis-therapeutics-announce-strategic-ai-focused
4. https://www.genomeweb.com/sequencing/illumina-lay-96-california-employees
5. https://pharma-industry-review.com/incyte-and-genesis-partner-on-ai-driven-small-molecule-drug-discovery
7. https://www.medtechdive.com/news/illumina-Q4-cut-global-staff-past-year-ceo/707111/