Theravance Cuts Staff and Programs as part of Strategic Realignment
March 1, 2023
Rare Daily Staff
Theravance Biopharma said it would cut 17 percent of its staff and stop research and development in its JAK inhibitor program as it focuses on a set of strategic actions to sharpen the company’s focus and prioritize development of a late-stage program for a rare condition.
The company said it plans to complete the staff reductions by the end of the month and that it will seek a partnership to continue progression of its inhaled JAK inhibitor program.
As part of its strategic plan, Theravance said it is prioritizing the development of ampreloxetine, which is in patients with the rare neurodegenerative condition multiple system atrophy who suffer from sudden drops in blood pressure known as neurogenic orthostatic hypotension. The benefits of ampreloxetine shown in one study included an increase in norepinephrine levels, a favorable impact on blood pressure, clinically meaningful and durable symptom improvement, and no signal for supine hypertension.
Theravance agreed with the FDA on a new phase 3 study (CYPRESS) for full approval, which is on track to initiate by end of first quarter of 2023. It also secured up to $40 million from Royalty Pharma for funding development of ampreloxetine in multiple system atrophy in exchange for low single-digit royalties and $25 million initial investment from Royalty Pharma to fund most of the new phase 3 study.
“With the successful evolution of Theravance over the past 18 months, we continue to strengthen our position via these strategic actions that build on our focus, execution and measured spending,” said Rick Winningham, CEO of Theravance. “We remain laser focused on enhancing near- and long-term shareholder value and delivering medicines that make a difference to patients.”
Photo: Rick Winningham, CEO of Theravance
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