When Gilead Sciences paid $21 billion for Immunomedics and the breast cancer medication Trodelvy a few years ago, it was regarded as a substantial push into oncology. As it prepares for change in New Jersey, the California-based drugmaker is cutting off more than 100 employees based out of the former Immunomedics headquarters.
Gilead announced 114 layoffs in April, September, and December in a New Jersey Worker Adjustment and Retraining Notification filing. wants to “relocate the New Jersey site to a new, larger space in the adjacent Morris Plains area,” according to a representative for the business. According to her, the new location is “still being decided” and will be a corporate office with no manufacturing.
Gilead announced good, but unconfirmed, results for Trodelvy in severely pretreated patients with HR-positive, HER2-negative metastatic breast cancer last week. While the medicine showed a “statistically significant” improvement in progression-free survival compared to chemotherapy, investors are focused on whether the advantage will be “clinically meaningful.” Faced with increased competition from GlaxoSmithKline in the HIV market, Gilead has moved to oncology to boost revenue in a hot industry. A big component of that push was the Immunomedics buyout, which was the company’s largest ever.