AbbVie announces Stemcentrx layoffs

AbbVie will eliminate 178 jobs from its Stemcentrx unit in San Francisco, starting next month.

AbbVie paid $5.8 billion for Stemcentrx and its experimental cancer hopefuls in April 2016, only to end up halting Phase III trials for Stemcentrx star, Rova-T, in December 2018 over survivability issues.

At the start of this year, AbbVie recorded an estimated $4 billion in impairment charges related to the scrapping of its development program of Rova-T.

According to the WARN filing, the Stemcentrx layoffs will begin April 5.