It's been a long and largely unpleasant summer for Alkermes--a major product delay and, thanks to the subsequent stock drop, the cancellation of its acquisition of Reliant and the chance to turn itself into a commercial organization. Now it's cut back on spending--laying off 23% of its workers and, in the process, creating a pipeline gap for the company as it pushes forward with late-stage Vivitrex and slows down on preclinical and early clinical work and giving up the flexibility "to be expansive," says the company's CEO.
It's been a long and largely unpleasant summer for Alkermes
Inc. At the end of June, Johnson &
Johnson , Alkermes' partner on long
acting, injectable risperidone (Risperdal Consta), told the
drug-delivery company that the FDA had issued a non-approvable
letter for the schizophrenia drug, Alkermes' most important
late-stage program [See Deal]. Its shares dropped 75% in two
days.
The drop in share price virtually killed Alkermes' proposed stock-swap acquisition of Reliant Pharmaceuticals Inc. [See Deal] At the...
