Bayer, short on cash, reaches into shareholders’ pockets
German pharmaceutical giant Bayer is slashing its dividend by 95%, part of an ongoing effort to conserve cash in the wake of its disastrous 2018 merger with Monsanto.
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The need-to-know this morning
- Rapt Therapeutics said the FDA placed a clinical hold on its anti-inflammation drug, called zelnecirnon, following a case of liver failure in one patient enrolled in a mid-stage atopic dermatitis study. A separate study in asthma has also been placed on hold. Rapt is investigating the cause of the liver failure.
Biotech startups keep downsizing
The latest is Sonata Therapeutics, born from the merger of two Flagship Pioneering companies, which has laid off about a third of its staff.
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