Theravance Biopharma has unveiled a new strategic plan that will focus the company's R&D resources on its most promising respiratory programs and greatly reduce the size of the organization.
As part of the cost reduction program, the company — which is headquartered in Dublin with a U.S. location in California — will reduce headcount by approximately 75%, eliminating an estimated 270 positions. According to Theravance, 75% of the job cuts will happen this November, and the remainder will be completed in February 2022.
Implementing these strategic actions, says Theravance, will help the company realize an annual operating expense savings of approximately $165 million in 2022.
In addition, the company intends to significantly narrow its R&D focus on its core respiratory assets, including Yupelri and Trelegy.
COPD treatment Yupelri, launched in 2019, was discovered and developed by Theravance and is now commercialized in partnership with Viatris. Theravance says the treatment has the potential to generate U.S. peak sales exceeding $400 million. Trelegy, a respiratory medicine developed by Glaxo Group in collaboration with Theravance, is currently expected to generate global peak sales of approximately $3 billion annually.
Read the press release