Cancer genomics company Exelixis announced on Monday that it would cut 270 jobs, a loss of about 40% of its workforce, with the brunt of the cuts aimed at drug discovery, according to a Securities and Exchange Commission filing.
The company, which is using genomic models of cancer to screen a massive library of compounds, estimates the layoff and subsequent restructuring will save $90 million through 2011. Last year __The Scientist__ profiled the company's linkurl:unique business strategy,;http://www.the-scientist.com/article/display/55543/ which involved acquiring other companies and the bulking up its pipeline to 14 compounds at a time when few biotechs had more than a couple -- in other words, acting more like a pharma company than a biotech. Exelixis now plans to hunker down and focus on pushing their most advanced cancer compounds through clinical development. Their top candidate, XL-184, codeveloped with Bristol-Myers Squibb, targets the cancer pathways MET and...
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