Biotech Industry’s Turbulent Year: Fierce Biotech’s Top 10 Most-Read Stories of 2024

Layoffs and Site Shutdowns:
The biotech industry saw significant layoffs and site shutdowns in 2024, including Johnson & Johnson's closure of a massive Bay Area R&D facility and Bristol Myers' cost-cutting measures impacting 2,200 employees1 3 4.

FDA Rejections:
Rocket Pharmaceuticals faced a setback with the FDA issuing a Complete Response Letter (CRL) for its gene therapy, Kresladi, requesting additional manufacturing information4.

M&A Deals:
The year highlighted notable biopharma M&A deals, showcasing the industry's ongoing consolidation and strategic partnerships1 4.

J.P. Morgan Healthcare Conference:
The 2024 J.P. Morgan Healthcare Conference was marked by logistical challenges due to flight disruptions, particularly those caused by an Alaska Airlines accident involving a Boeing 737 Max 9 aircraft2.

Emerging Trends:
The year saw emerging trends in biotech, including advancements in gene therapy, digital transformation in life sciences, and increased focus on clinical trial diversity1 4 5.

Biotech Fundraising:
Companies like AI-focused Formation secured significant funding, such as a $372M series D to license more drugs, indicating continued investment in biotech innovation4.

Regulatory Developments:
The FDA and the Gates Foundation collaborated on breath-based diagnostic tests, and the FDA released draft guidance on clinical trial diversity, reflecting ongoing efforts to improve healthcare outcomes4.

Industry Challenges:
The industry faced challenges such as large-scale layoffs, including Ginkgo Bioworks' plan to lay off as many as 400 employees, and the grounding of the MAX 8/9 fleet, which affected travel to the J.P. Morgan conference1 2 4.

New Entrants:
Companies like Ensho emerged with phase 2-ready assets, indicating the ongoing dynamism and innovation in the biotech sector1 4.

Public Safety Concerns:
The J.P. Morgan conference also highlighted public safety concerns outside of biotech, such as the use of driverless cars in San Francisco, which raised concerns among locals and attendees2.