Alector Cuts 17% of Workforce Following Failure of AbbVie-Partnered Alzheimer’s Drug in Phase 2 Trial

Layoffs:
Alector has laid off 17% of its staff, which equates to 41 workers, due to the failure of its Alzheimer's asset in a phase 2 study[2][3].

Drug Failure:
The AbbVie-partnered Alzheimer's drug failed to slow disease progression in the phase 2 trial, leading to the termination of a related long-term extension study[1][2].

Company Impact:
The layoffs are part of Alector's response to the drug's failure, indicating a significant setback for the company's Alzheimer's research efforts[3].

Date of Announcement:
The layoffs were announced on November 25, 2024[1].