The drug discovery and development company Exelixis will be laying off 270 people, or 40 percent of its workforce, reports the San Francisco Business Times. The company's drug discovery group will bear the brunt of the cuts. The company says that having lower compensation, lab supplies and clinical trial costs will save it $90 million through 2011. "The Bay area biotech scene doesn't seem to be at its healthiest these days (although it's still in better shape than San Diego, from the sound of it), but this isn't going to help it one bit," adds Derek Lowe at In the Pipeline.
Bad Times in the Bay Area
Mar 11, 2010