You could call it survival of the fittest or the law of the jungle. But whatever you call it, the recent spate of layoffs in biotech is separating the losers from the rest, one expert says.
“This is just the beginning of what I see is probably a wave of likely smaller companies having to reduce workforces or figure out new ways of operating so they can stay alive,” said Eric Celidonio, former leader of talent acquisition at Moderna, in an interview. He's now founder of Sci.bio, a Boston-area biopharma recruitment and executive search firm that's worked with Rubius Therapeutics, Deciphera, Goldfinch Bio and others.
Of the 32 layoffs tallied by Fierce Biotech, four have occurred in just the past week: Zosano Pharma, Ovid Therapeutics, Passage Bio and Athenex. At least 23 companies have announced layoffs so far this year, and the list keeps growing.