Orchard and Zealand Join Growing List Of Biotechs On The Ropes
Both Firms Forced To Restructure
Orchard and Zealand are the latest European players to succumb to a financial pinch in the biotech sector, streamlining their pipelines and laying off staff to save on expenses.
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Public Company Edition: Summit initiated the big rights offering earlier this year as promised in December when it licensed Akeso’s PD-1/VEGF bispecific. Also, Teva sold $2.49bn in sustainability-linked notes to pay down debt, while MorphoSys, Novavax and others restructured and cut jobs.
Given the renewed interest in the commercial potential of obesity therapies, Zealand is heralding the potential of its treatments for the overweight.
Leaders from three companies that have managed to achieve successful turnarounds offered some advice and encouragement to biotechs weathering the current financial downturn at the recent Jefferies Healthcare conference in London.