Reeling From FDA Rejection, Intercept Pharma Slashes Headcount by 25%

Intercept Pharmaceuticals is cutting one-fourth of its workforce, a decision that comes two months after the FDA rejected its drug candidate for the liver disease nonalcoholic steatohepatitis (NASH).

Up until the FDA’s rejection of the drug, obeticholic acid (Ocaliva), Intercept (NASDAQ: ICPT) had been preparing for a drug launch. In a Tuesday securities filing, the New York company attributed the layoffs to the FDA’s negative decision. About 170 Intercept employees are affected by the cuts, which the company says will enable it to streamline operations and reduce expenses while also maintaining resources to support its drug programs—including the... Read more »

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Author: Frank Vinluan

Source : https://xconomy.com/new-york/2020/09/01/reeling-from-fda-rejection-intercept-pharma-slashes-headcount-by-25/

Date : 2020-09-01T23:30:57.000Z