Theravance Biopharma (NSDQ:TBPH) has announced today that it is laying off 75%, or roughly 270, of its employees.
The South San Francisco, California–based company employed 359 people in 2020, according to its most recent annual report.
The company plans on making the bulk of the cuts in November, with more to follow in early 2022.
Theravance also revealed that a Phase 3 study of the orepinephrine reuptake inhibitor ampreloxetine did not meet its primary endpoint of improving treating neurogenic orthostatic hypotension (OH). Specifically, the trial focused on a symptom assessment based on the Orthostatic Hypotension Questionnaire, which evaluates symptoms such as dizziness, weakness, fatigue and difficulty concentrating.
“These are not the results we had hoped to achieve, especially given the clear unmet need for patients suffering from symptomatic nOH and the positive top-line four-week results from the Phase 2 study announced in 2018. We will continue to analyze the data to better understand the findings,” said Rick E. Winningham, CEO of Theravance Biopharma, in a statement.
Preceding the ampreloxetine announcement, the company had shared that its anti-inflammatory drug izencitinib had also failed to meet the primary endpoint of a Phase 2b study focused on ulcerative colitis.
In the future, the company intends to focus on developing drugs treating respiratory ailments. Theravance’s therapeutic focus previously included anti-inflammatory drug candidates.
TBPH shares dropped 13.12% apiece in afternoon trading today to $6.99. In April, the shares were trading as high as $22.46