Sector News

Synta cuts another 20% of staff and rallies around its cancer drug

February 9, 2015
Life sciences
Synta Pharmaceuticals is again slashing its payroll, cutting costs across the board as it presses ahead with ganetespib, a long-delayed cancer treatment.
 
The layoffs will trim Synta’s existing staff from 113 to 90, the company said, following last year’s roughly 15% headcount reduction. The cuts, coupled with a planned consolidation of Synta’s office and lab facilities, will conserve cash and help the biotech focus on its advancing its pipeline, the company said.
 
Leading the way is ganetespib, a small-molecule drug that blocks heat shock protein 90, which is instrumental in tumor growth. The drug is now in the midst of a Synta-sponsored Phase III trial in non-small cell lung cancer with final data expected next year. If ganetespib comes through, the company plans to submit it for FDA approval thereafter.
 
And beyond its top prospect, Synta is at work on the preclinical STA-12-8666, expecting to file an IND in the first quarter of 2016. The biotech’s cost-savings plan will also set aside some money to bring another of its anti-cancer candidates into preclinical development by the end of this year, Synta said.
 
“The next several quarters hold tremendous potential for bearing out the value of our pipeline,” Synta CEO Anne Whitaker said in a statement. “The structural changes we are making within our organization, while difficult decisions, are necessary to help us realize this potential. We are extremely grateful for the contributions of those who will be leaving the company, and we all wish them much success in their future endeavors.”
 
Whitaker took the reins at Synta last year, resigning from her post as head of Sanofi’s ($SNY) U.S. pharma operation to lead a turnaround at the biotech.
 
By Damian Garde
 

comments closed

Related News

November 26, 2023

ViCentra links insulin pump with Dexcom, Diabeloop tech to launch closed-loop diabetes system in Europe

Life sciences

Hybrid closed-loop systems rely on an algorithm to first analyze real-time blood sugar readings from a continuous glucose monitor, then use the results to adjust an insulin pump’s output as needed throughout the day. In this case, the algorithm was developed by Diabeloop, the CGM is a Dexcom G6 sensor, and the insulin pump comes from ViCentra.

November 26, 2023

Boehringer builds out cancer capabilities with $500M deal for bacteria-focused Swiss biotech

Life sciences

Boehringer Ingelheim has acquired bacterial cancer therapy company T3 Pharmaceuticals in a deal that could be worth up to 450 million Swiss francs ($508 million). The addition of Allschwil, Switzerland-based T3 will “significantly expand” the German drugmaker’s immuno-oncology pipeline and aligns with some of the company’s existing R&D programs.

November 26, 2023

EuroAPI completes acquisition of BianoGMP

Life sciences

EuroAPI has completed the acquisition of BianoGMP, a contract development and manufacturing organization (CDMO) specializing in oligonucleotides. The acquisition, announced in August, further differentiates its value proposition to support a broader client base across the whole oligonucleotide development continuum, from research to commercialization, EuroAPI said.

How can we help you?

We're easy to reach