Dendreon Cuts 15% of Workforce Amid Weak Cancer Vaccine Sales

Nov 12, 2013

Reuters

Biotechnology company Dendreon Corp. will reduce annual costs by $125 million and cut about 150 jobs to trim operating expenses after sales of its prostate-cancer drug Provenge did not meet expectations.

Lagging sales of the flagship cancer vaccine have been attributed to limited manufacturing capacity, emerging competiton, and uncertainty over reimbursements.

Dendreon said it would have about 820 employees at the end of the restructuring, down from more than 2,000 at its peak.

Read the Reuters press release