Theseus to Explore Strategic Alternatives as it Cuts 72 Percent of Workforce
November 14, 2023
Rare Daily Staff
Theseus Pharmaceuticals, a clinical-stage biotech developing targeted therapies for cancer, said it is conducting a process exploring strategic alternatives to maximize shareholder value.
Although Theseus’ cash, cash equivalents, and marketable securities of $225.4 million are enough to support the company to 2026, its shares are trading 90 percent below their 2021 IPO value.
In conjunction with the strategic process, Theseus implemented a workforce reduction of approximately 72 percent, which includes President of Research and Development William Shakespeare, who will continue to support the company in a consulting capacity until June 30, 2024.
As part of this process, the company plans to consider a wide range of options with a focus on maximizing shareholder value, including potential sale of assets of the company, a sale of the Company, a merger or other strategic action.
Theseus worked to outsmart cancer resistance by developing pan-variant tyrosine kinase inhibitors to target all classes of cancer-causing and resistance mutations that lead to clinically relevant variants in a particular protein in a given type of cancer.
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