These figures are adjusted for non-recurring items. Mar 29, 2022 The Acceleron layoffs mark at least the ninth time this year a local biotech has eliminated positions. On Monday, rumors surfaced that Acceleron Pharma (XLRN) was in discussions to be bought by a big pharmaceutical firm for around $11 billion. According to the United Workers Union (UWU), over 100 workers had downed tools at a Pfizer manufacturing site in the Melbourne suburb of Mulgrave. Mar 31, 2022 Merck posted a WARN notice on the layoffs this week, alerting the state of Massachusetts of plans to cut 170 staffers in Cambridge, MA. The UKs Medicines and Healthcare products Regulatory Agency approved nirsevimab, Sanofi and AstraZenecas collaborative antibody for RSV Wednesday. That came just days after the company skipped an interest payment, according to the filing. Zacks' Top Picks to Cash in on Artificial Intelligence. These symbols will be available throughout the site during your session. Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. The company has topped consensus revenue estimates just once over the last four quarters. [19][20] In a separate deal done at the same time, Celgene acquired an option to license three products in Acceleron's pipeline directed to cancer and cancer-related bone loss. Acceleron Pharma is a biotechnology company focused on the discovery, development, and commercialization of novel therapies. Others, including Avoro Capital Advisors, which owns about 7% of Acceleron; Darwin Global Management, which owns about 3.8%; and Holocene Advisors which owns about 1.4%; opposed the deal. Its research focuses on natural regulators of cellular growth and repair, mainly the Transforming Growth Factor-Beta (TGF-beta), protein superfamily. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. XLRN shareholders have witnessed an increase in support from the world's most elite . [10][11][12], The founders were scientists Jasbir Seehra, Tom Maniatis, Mark Ptashne, Wylie Vale, and scientific advisor Joan Massague, and business people and investors John Knopf and Christoph Westphal of Polaris Venture Partners, who served as founding CEO. The pharma giant issued a Worker , https://www.bizjournals.com/boston/news/2022/03/29/merck-acceleron-acquisition-layoffs-job-cuts.html. [27], "Acceleron Pharma Revenue 2012-2021 | XLRN", "2017 Annual Report, Interactive Annual Report and Form 10K", "What Are Some Of The Most Interesting Insights Gained From Serving On A Corporate Board That Have Made You A Better Leader? Acceleron Pharma Inc. In this case, Merck announced that it will lay off 170 people from the Cambridge, Massachusetts-based Acceleron. Merck is buying Acceleron Pharma for about $11.5 billion, broadening its portfolio beyond aging cancer drug Keytruda with potential treatments that could bring in fresh revenue. [25] The acquisition closed on November 19, 2021, making Acceleron a subsidiary of Merck. [12] He became known for showing pictures of a Belgian Blue cow to potential inventors, as a way of illustrating the company's products' potential to develop muscle. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Sep. 30, 2021 at 6:48 a.m. Phone Number 617-649-9200 Acceleron Pharma, Inc. operates as a biopharmaceutical company. acceleron pharma, inc. is an american clinical stage biopharmaceutical company based in cambridge, massachusetts with a broad focus on developing medicines that regulate the transforming growth factor beta (tgf-) superfamily of proteins, which play fundamental roles in the growth and repair of cells and tissues such as red blood cells, muscle, [24], In September 2021, Merck & Co. announced it would acquire Acceleron for $11.5 billion, gaining control over Sotatercept, used in the treatment of pulmonary hypertension and luspatercept-aamt. Merck posted a WARN notice on the layoffs this week, alerting the state of Massachusetts of. 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The decision will cause 275 jobs to be axed, but the site is expected to remain operational through the end of next year, with some activities stopping earlier as others will take time to complete. [10][11], The company began with a seed round from Polaris of $250,000 and then had a Series A venture capital investment of $25 million that it used to open its first laboratory in December 2003. Merck will pay $180 per share in cash for Acceleron, the Kenilworth, New Jersey, company said Thursday. [5], The company was formed in June 2003 in Cambridge, Massachusetts as a Delaware corporation; the original name was Phoenix Pharma. Celgene and Venrock are the most recent investors. one-time use only and expires after 24 hours. Acceleron shareholders will get $180 a share in cash, a 34% premium over the price at . Merck to acquire Acceleron Pharma in deal with equity value of $11.5 bln. The closure of a site in Libertyville, IL, a city to the northeast of Chicago, follows a comprehensive manufacturing site network evaluation, the company said in a statement to Endpoints News. Join the Acceleron Pharma team See Our Latest Jobs 5.0 Current Employee, more than 5 years Acceleron May 9, 2022 - Director in Cambridge, MA Recommend CEO Approval Business Outlook Pros Exciting science and a strong culture Cons Not always clear on the strategy Be the first to find this review helpful Helpful Share ReportFlag as Inappropriate The UWU reports that Pfizer offered a 3% increase in the first year of the agreement with 4% in the second year and 3% in the final year. The company will offer 90-day notifications to workers along with severance packages, outplacement support and other benefits. The company's research focuses on key natural regulators of cellular growth and repair. The biotech, helmed by founder and CEO Patrick Mahaffy, today explained in its quarterly report that it is on course to run out of cash in a matter of weeks and may have no alternative but to file for bankruptcy. The pharma giant issued a Worker Adjustment and Retraining Notification Act (WARN) notice to 170 Acceleron employees.The departures won't happen all at once instead, employees will leave in phases, beginning November 18, 2022.. Acceleron Pharma employees Don Hemmavanh Senior Manager Linsey Fernandes Clinical Research Coordinator Lisa Lea -C Director, Global Patient Engagement and Advocacy Atanas Atanasov Senior Manager, Clinical Data Management Rebecca Young Senior Clinical Trial Manager Kyle McNulty Senior Manager, Commercial Finance Emina Osmancevic The current consensus EPS estimate is -$0.87 on $45.73 million in revenues for the coming quarter and -$3.92 on $140.05 million in revenues for the current fiscal year. Post-acquisition, Merck to lay off 170 Acceleron employees Less than four months after completing its acquisition of Cambridge-based Acceleron Pharma Inc. https://www.glassdoor.com/Reviews/Acceleron-Pharma-Reviews-E230318.htm. Zacks->. One pathway comes via Accelerons development of a drug called sotatercept for pulmonary arterial hypertension (PAH), a rare condition caused by high pressure in blood vessels that impact the lungs. As is often the case with mergers and acquisitions, jobs get cut because of duplications. Under those circumstances, its more common than not for an acquirer to chop out expenses and bring programs into the pipeline sooner or later. For the new crew in charge of Merck, including CEO Rob Davis and R&D chief Dean Li, the buyout was a clear sign that Merck was going down the M&A trail to look at going beyond the big Keytruda franchise and the other drugs reeled in by former R&D chief Roger Perlmutter. Ahead of this earnings release, the estimate revisions trend for Acceleron was mixed. Do Not Sell My Personal Information (CA Residents Only). Four months after Merck closed its $11.5 billion acquisition of Acceleron, the pharma giant helped cover the tab by chopping out more than 140 staffers from the newly acquired biotech. Acceleron Pharma Stock rises 7% after a $11bn deal with Merck. Today, that discovery is still the heart of the Zacks Rank. Find company research, competitor information, contact details & financial data for Acceleron Pharma Inc. of Cambridge, MA. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the bottom 40% of the 250 plus Zacks industries. If you're already an Endpoints subscriber, enter your email below for a What is Acceleron Pharma's Revenue? Around 120 Acceleron employees now have new posts inside Merck, the pharma giant tells us. [17], Knopf took over as CEO in 2007. Free Whitepaper. Some Acceleron investors, like Farallon Capital Management, opposed the $11.5 billion buyout, saying it undervalued the company and was less than previous offers. As part of the ongoing integration of Acceleron, we have extended more than 160 offers since November 2021, of which 75% have accepted positions since the acquisition was announced. It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. Zacks' urgent special report reveals 3 AI picks investors need to know about today. [21], The company held its initial public offering in September 2013. Keep it short and simple, but dont forget the data. Copy and paste multiple symbols separated by spaces. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Over the last four quarters, the company has surpassed consensus EPS estimates two times. Attie joined Imara in January 2021 and previously served as VP of medical research at Acceleron Pharma for , https://www.fiercebiotech.com/biotech/mystery-suitor-lines-up-11b-acceleron-acquisition-report, Whichever company buys Acceleron will be positioned to go up against Johnson layoffs If you have information about a layoff happening at a biotech, , Post-acquisition, Merck to lay off 170 Acceleron employees. Layoffs : Downsizing related discussion, postings, questions and answers. The pharma giant issued a Worker Post-acquisition, Merck to lay off 170 Acceleron employees Acceleron Pharma is a public company that has been in the industry for 19 years. Acceleron Pharma has 312 employees. A wealth of resources for individual investors is available at www.zacks.com. ", "Wylie W. Vale Jr. dies at 70; researcher helped discover stress hormone", "Acceleron Pharma, Developing Drugs to Treat Musculoskeletal and Metabolic Disorders, Secures $25 Million in Series A Funding (NASDAQ:XLRN)", "Press Release: Acceleron Pharma Announces Departure of Jasbir Seehra, Ph.D. Chief Scientific Officer", "Press Release: Acceleron Pharma Appoints Glenn Batchelder as CEO and Adds Richard F. Pops to Board of Directors", "Super-buff cattle may hold key to treating muscular diseases", "Acceleron's Celgene deal worth almost $2B", "Acceleron Gets $25 Million in Partnership Deal With Celgene", "Bayer commercial vet heads to Acceleron as it preps for PhIII Celgene data", "Acceleron Gives Up on Rare Genetic Disease. Serial biotech entrepreneur Lonnie Moulder has scored some big wins along the way, most notably the $9 billion he racked up selling MGI and Tesaro. The average Acceleron Pharma salary ranges from approximately $110,119 per year for a Scientist II to $328,745 per year for a Director. While Pfizer had offered cash sweeteners, they came with several conditions, including workers having to pay back a bonus if they leave or are fired. Funding Rounds Number of Funding Rounds 13 Total Funding Amount $987M Acceleron Pharma has raised a total of $987M in funding over 13 rounds. A different antibody, Synagis, has been on the market for two decades, yet it only covers a certain subset of infants who are at risk for severe disease. This quarterly report represents an earnings surprise of 1.04%. The approval comes less than one week after the antibody, brand name Beyfortus, won approval for use in the EU. Acceleron Pharma has 312 employees, and the revenue per employee ratio is $296,548. Merck will let go of 170 employees at Acceleron Pharma, following an acquisition deal valued at $11.5 billion. Merck & Co. has agreed to buy drugmaker Acceleron Pharma Inc. for $180 per share, according to people familiar with the matter. https://www.biospace.com/article/merck-s-acceleron-integration-to-take-out-170-jobs-in-cambridge-ma/, Mar 30, 2022 As is often the case with mergers and acquisitions, jobs get cut because of duplications. Clovis Oncologys rocky 13-year run from startup developer to commercialization while surviving accusations of playing fast and loose with the data may be coming to a close. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. [13][14] The company was founded to discover and develop drugs based on the scientific discoveries of the scientific founders in the field of growth factors and transforming growth factors in the fields of metabolic disorders like obesity, diabetes, osteoporosis, and muscle-wasting conditions. Mercks purchase of Acceleron made big waves in the pharma world. This compares to loss of $0.66 per share a year ago. 2022 Endeavor Business Media, LLC. The pharma giant issued a Worker Adjustment and Retraining Notification Act (WARN) notice to 170 Acceleron employees.The departures wont happen all at once instead, employees will leave in phases, beginning November 18, 2022. A free inside look at company reviews and salaries posted anonymously by employees. In the SEC filing, Clovis also revealed that the company laid off 115 staffers on November 7 as cash dwindled. A few weeks ago I had a chance to sit down with Rick Klausner and Hal Barron to discuss in some depth about their startup Altos Labs, which is using some very deep-pocket backing to establish an institute of their own to go after cell rejuvenation. The Acceleron layoffs mark at least the ninth time this year a local biotech has eliminated positions. Create your Watchlist to save your favorite quotes on Nasdaq.com. Merck (NYSE: MRK), known as MSD outside the United States and Canada, and Acceleron Pharma Inc. (Nasdaq: XLRN), a publicly traded biopharmaceutical company, today announced that the companies have entered into a definitive agreement under which Merck, through a subsidiary, will acquire Acceleron for $180 per share . Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Its been tagged as a blockbuster-to-be by some analysts, which could fetch as much as $3 billion a year in peak sales. In this case, Merck announced that it will lay off 170 , https://www.fiercebiotech.com/biotech/imara-eliminates-83-workforce-including-its-chief-medical-officer-after-discontinued-drug, of the layoff who is set to leave April 20. To read this article on Zacks.com click here. The biotech, based in Waltham, MA with staffers primarily in the US with some clinical ops in China, is called Zenas BioPharma, and the Phase III trial theyve set up is for obexelimab, a drug they got from Xencor last fall with a mix of equity and milestones. [20], In 2011 Acceleron extended their partnership with Celgene to include ACE-536, a development candidate for anemia; Celgene paid $25 million upfront, with potential downstream payments of $217 million in milestones and royalties over 10%. Merck was clearly after one big thing with the acquisition: Accelerons late stage drug for PAH, sotatercept. Acceleron Pharma Inc., a clinical stage biopharmaceutical company, focuses on the discovery, development, and commercialization of protein therapeutics for cancer and rare diseases. Acceleron generates its revenue through collaboration, licensing, and research arrangements with collaboration partners for the . Unlock this story instantly and join 153,400+ biopharma pros reading Endpoints daily and it's free. After extensive research and analysis, Zippia's data science team found the following key financial metrics. Continue Reading. Then the European Commission, and as of Wednesday, the UKs MHRA (but still no FDA). Most recently, 2seventy bio Inc. (Nasdaq: TVST) disclosed it had cut about 6% of its. A spokesperson for Merck tells Endpoints News: On Tuesday, March 15, Merck issued a Worker Adjustment and Retraining Notification Act (WARN) notice to 143 legacy employees of Acceleron Pharma who will be separating from the company in a phased manner through November 18, 2022. View the latest Acceleron Pharma Inc. (XLRN) stock price, news, historical charts, analyst ratings and financial information from WSJ. Oct 14, 2022 11:16am. UPDATED: Merck cuts 143 jobs at. AZ physician, spokesperson and leading pulmonologist MeiLan Han is lending her expertise to its effort and speaking out about the challenges and stigma of COPD. Their latest funding was raised on Jun 30, 2020 from a Post-IPO Equity round. The most common ethnicity at Acceleron Pharma is White (63%), followed by Asian (19%) and Hispanic or Latino (8%). Denmark-headquartered Zealand Pharma announced that it is laying off 90% of its staff in the U.S. by the third quarter of 2022 as part of a . When Merck acquired Massachusetts-based Acceleron back in November 2021, the company offered Acceleron employees either a full-time job or an offer to stay on for a limited time to support the integration.Merck, headquartered in New Jersey, said it had handed out over 160 job offers since the acquisition and 75% of those offers have been accepted. These acquisitions are in alignment with our overall strategy of integrating the two companies, a Merck spokesperson said. Key Points. It develops sotatercept and ACE-536 that are in Phase II clinical trials to treat anemia and associated complications in patients with -thalassemia and . Sotatercept sales could peak around $2 to $3 billion if it hits the market. Merck cuts 143 jobs at Acceleron right on heels of $11.5B https://www.fiercepharma.com/pharma/months-after-115b-buyout-merck-telegraphs-170-acceleron-job-cuts-cambridge Acceleron, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $34.2 million for the quarter ended September 2021, missing the Zacks Consensus Estimate by 6.62%. And now the lead project hes helping manage as executive chair is making a bold move into Phase III damn the market turmoil that has largely iced IPOs. https://www.pharmamanufacturing.com/industrynews/2022/170-acceleron-employees-cut-following-mercks-11b-buy/, Mar 31, 2022 Merck will let go of 170 employees at Acceleron Pharma, following an acquisition deal valued at $11.5 billion. Most recently, 2seventy bio Inc. Merck chopping 140-plus staffers out of Acceleron in wake of $11.5B buyout. Disruptive start-ups to watch out for. When Merck acquired Massachusetts-based Acceleron . Layoffs TheLayoff.com, Merck to lay off 170 Acceleron employees following $11B deal, Merck chopping 140-plus staffers out of Acceleron in wake of , Mercks Acceleron Integration To Take Out 143 Jobs in , Imara eliminates 83% of workforceincluding chief medical , Mystery suitor lines up $11B Acceleron acquisition: report, Post-acquisition, Merck to lay off 170 Acceleron employees Origin . All rights reserved. ET by Ciara Linnane. Acceleron Pharma revenue is $92.5M annually. Acceleron Media Contact: Matt Fearer (617) 301-9557 Merck Investor Contacts: Peter Dannenbaum (908) 740-1037 Steven Graziano (908) 740-6582 Acceleron Investor Contacts: Todd James (617) 649-9393 Jamie Bernard, IRC (617) 301-9650 Source: Merck & Co., Inc. Multimedia Merck Logo Horizontal Teal Grey RGB (211 KB) Acceleron Pharma Inc. is a biopharmaceutical company. Patrick Mahaffy, Clovis CEO (Kathryn Scott Osler/The Denver Post via Getty Images), Lonnie Moulder, Zenas BioPharma founder and executive chair, Altos Labs CEO Hal Barron (L) and chief scientist Rick Klausner, AstraZeneca is renewing efforts to tackle stigma and amp up awareness of COPD this month. It will be the first single-dose option for all newborns and infants during their first RSV season. Around the time of the acquisition, employees were either offered a full-time role or were asked to remain to support the integration for a definedperiod of time. Acceleron shares have added about 35.2% since the beginning of the year versus the S&P 500's gain of 24.1%. So, the shares are expected to perform in line with the market in the near future. Hermann Oktoberfest - Hermann, MO 09/28/2022 to 10/30/2022 2 weeks 6 days 13 hours 19 min 33 sec Weekends in Hermann have been packed with events for Missouri Oktoberfest seekers. The company engages in developing, manufacturing, and commercializing novel biotherapeutics that modulate the growth of bone, muscle, fat, and the vasculature to treat musculoskeletal, metabolic, and cancer-related diseases. This compares to loss of $0.66 per share a year ago. | Just months after striking its $11.5 billion deal for Acceleron Pharma, Merck & Co. has telegraphed its intention to downsize at its newly acquired unit. Complete Acceleron Pharma Inc. stock information by Barron's. View real-time XLRN stock price and news, along with industry-best analysis. The boards of . Zacks Equity Research for On average, employees at Acceleron Pharma stay with the company for 2.5 years. Acceleron Pharma employees rate the overall compensation and benefits package 4.5/5 stars. In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Acceleron Pharma: Merck & Company Inc. (NYSE: MRK) acquired Cambridge-based Acceleron Pharma Inc. for $11.5 billion and proceeded to lay off 170 of its employees, according to a notice.
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