Biopharma Layoff Tracker 2024: Sanofi, Vedanta, Fujifilm, and More Companies Reduce Workforce

1. BioSpace is tracking layoffs in the pharma and biotech industries for the year 2024.
2. Sanofi, Vedanta, and Fujifilm are among the companies that have reduced their workforce.
3. Acorda Therapeutics has declared bankruptcy and signed an asset purchase agreement with Merz Therapeutics, which will acquire INBRIJA, AMPYRA, and FAMPYRA for $185 million.
4. Eiger BioPharmaceuticals has also filed for voluntary Chapter 11 protection and will sell all its assets as the company winds down operations.
5. Invitae, a leading medical genetics company, has filed for voluntary Chapter 11 protection and is pursuing a sale process.
6. Sientra, Inc. has filed for Chapter 11 protection and will pursue a strategic sale of its business.
7. Strand Therapeutics has laid off around 18% of its staff.
8. Cara Therapeutics will lay off about half of its employees, including its Chief Scientific Officer.
9. Pfizer will cut 120 jobs as part of its decision to end construction on a planned $350 million manufacturing facility.

These layoffs and bankruptcies are part of a larger trend in the biotech industry, with a record high of 28 bankruptcies in 2023.