Agios Is Looking For Development Partner, Lays Off Exploratory Research Staff

Agios Pharmaceuticals Inc AGIO will be letting go of 50 employees and shuffling its R&D leadership team to focus internal research efforts on its lead programs.
Chief Medical Officer Sarah Gheuens will assume the role of R&D and Chief Scientific Officer at the end of July.
Agios' chief scientific officer, Bruce Car, will step down from the role and remain with the company through July to facilitate the transition.
The changes will unlock about $40 million to $50 million in cost savings associated with research and related expenses between 2023 and 2026.
Agios is opening up to business development and partnerships to advance its programs.
Related: FDA Approves Agios' Mitapivat As First Disease-Modifying Therapy For Genetic Blood Disorder.
"Agios continues to expect that its cash, cash equivalents, and marketable securities will enable the company to execute its operating plan through major catalysts and to cash-flow positivity without raising additional equity," the company said.
Agios said it has the funds to continue studying mitapivat in thalassemia, sickle cell disease, and pediatric pyruvate kinase deficiency.
The company also has the money needed to fund a Phase 2a trial in low- to intermediate-risk myelodysplastic syndrome and preclinical studies of other assets in PAH stabilization in phenylketonuria and BCAT inhibition methylmalonic and propionic acidemias, Fouse said.
Price Action: AGIO shares are up 0.84% at $22.33 during the market session on the last check Tuesday.

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