Intent on bouncing back from a pair of later-phase clinical trial failures, Theravance Biopharma said it will eliminate about 75% of its workforce—270 jobs—and slash its R&D budget next year through a restructuring that will refocus the company on respiratory drugs.
Theravance said approximately 75% of the job cuts are expected to be completed in November, and the rest in February 2022. The company estimated that the layoffs would cost it approximately $10 million to $12 million through the first quarter of 2022, in both cash and accelerated vesting of equity awards for severance and other costs—but would ultimately save Theravance approximately $165 million in operating expenses next year.
