More Biotech Layoffs: Bristol-Myers Squibb, Entremed Feel the Pain

I’m told by several people that Tuesday Bristol-Myers Squibb (BMY) is announcing layoffs in research (and perhaps other areas). I don’t know how extensive these are, or how they’re spread across the New Jersey and Connecticut sites. What I do know is that accounting practices make these things especially rough, since a disproportionate number of such cuts takes place before year’s end, which doesn’t do much for anyone’s holiday season. (Of course, I suppose it could be even worse – you could be working for Pfizer (PFE), and spend the holidays not knowing if your job was going to be there in January or not). In a smaller but deeper cutback, I also note that Entremed (ENMD), a company that’s been struggling to survive ever since its turn in the spotlight with Judah Folkman’s anti-angiogenic peptides, has announced that sixty percent of its employees will be let go. Since that includes the CEO and CFO, you have to conclude that the situation there is not good.

Having been through the layoff process myself, I know what the people involved are going through, and I wish them every hope of landing new positions. If anyone out there knows of companies that are hiring now in research, or even planning to, I’d be glad to list such in a separate post in order to provide some leads.

One other related item: I’ve heard from Linda Raber at C&E News, who’s working on a "Careers in Pharma" story for them and wants to write about all the chemistry layoffs this year. She’d like to hear from people on what things have been like. (You don't have to be identified - see the comments section [on original blog] for contact info!)

I was quoted in a similar story after the Wonder Drug Factory layoffs, actually; this sort of piece is turning into more of a perennial than anyone would like.

Comments

[Dan Jacome:]

10% of force.....

2008 Dec 17 07:47 AM

[jimmy Turano:]

Interesting article and with down right sympathetic understanding by author. Very Touching!
Since you cover Biotech stocks Mr.Lowe, I wanted your input and opinion about another company, MDRNA INC(MRNA).
Although it doesn't merit to be on the same page as enmd, or bmy, however, there is a miracle to this company that needs your confirmation.
They just announced a tentative FDA approval on Dec.15th, while although it may take 6 more months of fine tuning for the FDA, the news helped create the same fever pitch to investors, similar to prospectors digging for Gold. The stock closed at $.66 cents and 24 hours closed at $.49 cents. The company currently faces de-listing, and the burn rate suggests only enough cash left for expenses for 9-12 months.
Without a partner announcement soon, while there is a current credit crisis on top of everything else, the MIRACLE TO DATE AFTER THE COMPANIES EXISTENCE FOR 24 YEARS, HAS BEEN THAT IT STILL EXISTS. And I guess as long as there are investors who enjoy the temporary fever high of over inflated news releases and greed is part of their make up, then this company should appreciate investors because
they are the companies best pipeline literally.
Please elaborate on MDRNA INC(MRNA)

2008 Dec 17 08:34 AM

[raytayzmd:]

...how appropriate that after an article mentioning one scam biotech -- ENMD -- someone should come along and ask a question -- aka "pump" -- another scam biotech -- MRNA...MRNA used to be "Nastech Pharmaceutical" and claimed to be developing a system for delivering drugs using a nasal spray...when the suckers stopped lining up for that "dog and pony show" they changed their name and -- voila! -- they are now in the RNAi drug development business...they only have about 10 million in cash and given current economic circumstances will unlikely be able to con anyone else out of any dough...so with any luck at all maybe we'll FINALLY see them go belly up!...one can only hope!

2008 Dec 17 09:40 AM