Lexicon CEO announces 115 job losses and steps down
Almost half of the staff at Lexicon Pharmaceuticals are to lose their jobs, an announcement that was made by chief executive Arthur Sands at the same time as he said he would step down from his position.
The company, which has US headquarters in Texas and research facilities in New Jersey, said in a statement: “Approximately 115 employees, primarily in research, discovery and support positions, will depart the company, representing approximately 45% of the company’s total workforce.”
The decisions are designed, the company says, to focus resources on the late-stage development of two products, LX4211 for diabetes and telotristat etiprate (LX1032) for carcinoid syndrome.
“This transition increases Lexicon’s financial strength and will enable the company to more effectively advance our key late-stage programs and to prepare for commercialization.
“Nevertheless, it is extremely difficult to release many people who have contributed so significantly to the company over the years and who are our friends and colleagues.”
Arthur Sands, president and chief executive, Lexicon.
Lexicon Pharma cuts 45% Workforce, CEO to leave (Fox Business).
Lexicon announces focus on late-stage development programs and preparation for commercialization (Lexicon press release).
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