Foghorn cuts 40 percent of staff
Foghorn Therapeutics drops a cancer drug partnered with Eli Lilly after an early trial failed. The decision led to canceling their partnership and cutting forty percent of staff.
Foghorn Therapeutics will cut 40% of its workforce and record $2.3M in charges after discontinuing an experimental cancer drug partnered with Eli Lilly. The decision follows trial data showing the treatment lacked the necessary effectiveness. Shares dropped 48% in premarket trading on Thursday morning.
The companies ended their 2021 collaboration—originally valued at up to $1.6B—after the candidate, FHD-909, failed to demonstrate sufficient benefit in early-stage testing. Both firms also scrapped a separate program targeting SMARCA2, a protein heavily relied upon by specific cancer cells.
