Oct. 6 Quick Takes: BioMarin restructuring to cut 120 employees
Plus Merck KGaA opening up to larger M&A, Sanofi, Provention to co-promote diabetes treatment and updates from Annovis, Aldeyra and more
Weeks after the EU approval of hemophilia therapy Roctavian valoctocogene roxaparvovec, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) said it would cut about 120 jobs, or 4% of its workforce, as part of a restructuring that it expects to save $50 million annually starting in 2023. A “significant portion” of that money, the company said, would be reinvested in R&D and launches of Roctavian and achondroplasia drug Voxzogo vosoritide. The company resubmitted its BLA for Roctavian to FDA last week. It reported income from operations of $176.5 million for 1H22 compared with $36.8 million for 1H21, and $1.1 billion in cash at June 30.
At its capital markets day on Thursday, Merck KGaA (Xetra:MRK) said it will be open to larger-scale acquisitions beginning in 2023, including deals in its healthcare products, life sciences services and semiconductor businesses. The German company has historically made few M&A deals for biopharmas, although it has in-licensed products from time to time; it strengthened its CDMO business via the $780 million takeout of Exelead Inc. in 1Q22...