Genentech is Roche.
Decisions are made in Switzerland and are executed in the US. Locals have not much to say. Genentech name is a cover to take the blame.
This is a shady company. The management out of San Diego and the CEO are selling non-existent products (and so timelines are not real), other than the Cologuard. Investors please watch out.
Layoff July 2024
The layoff affects the US employees and no Irish employees. Multiple reasons can be quoted, and the employment landscape is different. Example:
https://www.matheson.com/insights/detail/key-distinctions-between-the-employment-law-landscape-in-the-us-and-ireland
The employment laws are different and they favor Irish employees. There can be other factors, for example, some companies handle layoff in the US using part of organization that is abroad. In addition to different employment laws, suing the Irish organization by a US ex-employee is practically almost impossible. Expenses and time required are prohibitive to an average employee.
Consider this for a next position in international organization.
New CEO is working the stock price down. Good news will be coming after stock drops below 70. His ex-parent company could be interested in M&A step. Will be still much less to pay than at $100 per share. Good job, CEO. And there will be laypoffs for better bottom line. CEO got good experience in this at Genentech.
BioMarin said it’s wrapped up a pipeline review and will stop investing in four experimental therapies because they don’t meet its threshold for patient impact and commercial opportunity.
Two of the discontinued programs, BMN 355 for long-QT syndrome and BMN 365 for PKP2 arrhythmogenic cardiomyopathy, hadn’t yet been tested in humans. The other two, BMN 331 for hereditary angioedema and BMN 255 for a certain kind of liver disease, were in early stages of clinical testing, according to a BioMarin presentation for investors in September.
BioMarin said its full pipeline will be subject to “ongoing assessment.”
At the same time the investment community considers Roctavian as a commercial flop.
All this indicates restructuring that will negatively affect large number of employees, as well as long term investment community. Prospects for being acquired could also diminish.
