Biogen lays off more than 100 in wake of Aduhelm disappointment - Endpoints
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Biogen (BIIB
+2.3%) has laid off more than 100 workers -- the vast majority in its Alzheimer's division -- as a result of the commercial failure of its Alzheimer's treatment Aduhelm (aducanumab), Endpoints News reported.
A senior company official told the site that two-thirds of the Alzheimer's commercial team and all Alzheimer's field leaders are being let go.
"Biogen (BIIB
+2.3%) is implementing cost-reduction measures that are expected to yield approximately $500M in annualized savings," the company told Endpoints in an earlier statement. In support of these measures, some of our colleagues in the U.S. were informed [Wednesday] that their roles are being eliminated. These changes will help the company remain flexible so additional investments can be made in our pipeline and other strategic initiatives."
In December, Biogen (BIIB
+2.3%) cut the price of Aduhelm in half amid complaints of its cost and lack of clear efficacy.
In April, the Centers for Medicare and Medicare Services ("CMS") will decide whether or not to finalize a draft coverage determination that would restrict access to the drug to seniors.
Two senators are lobbying CMS to cover Aduhelm more broadly.