Kronos and Idorsia Announce Job Cuts; PTC Halts Development of ALS Treatment

Here’s a quick summary of events surrounding Kronos Bio, Idorsia, and PTC Therapeutics, along with notable updates from Alnylam Pharmaceuticals and Soleno Therapeutics that might have slipped under the radar.

Kronos Bio has announced plans to reduce its workforce by 83% by the end of the year, as confirmed by the company’s statement on Wednesday. The current CEO, Norbert Bischofberger, will leave the position on December 3, with Deborah Knobelman, the newly appointed COO and CFO, stepping in as interim CEO. Kronos, which is focused on gene modulation to address cancer and inflammatory diseases, had 97 employees at the beginning of 2023, a figure that was trimmed to 62 employees by mid-March. A representative has yet to clarify how many employees will remain post-layoffs. In November, Kronos decided to halt development of its primary ovarian cancer candidate, citing an unfavorable “benefit-risk profile.” — Jonathan Gardner

Idorsia is engaged in negotiations to sell global rights to its hypertension medication, aprocitentan—known as Tryvio in the U.S.—to a buyer who remains unnamed. Idorsia is set to receive a million fee for entering exclusive talks, a move that will extend its financial runway into 2025. To move towards profitability, the company is contemplating cutting up to 270 global positions, primarily affecting R&D and support roles, although some employees might have the chance to remain involved with aprocitentan if a deal is finalized. — Ned Pagliarulo

PTC Therapeutics is discontinuing a drug that recently fell short in trials for treating amyotrophic lateral sclerosis. The company reported that preliminary results indicated the drug did not achieve its primary or secondary objectives in a trial involving roughly 300 participants. Market analysts had previously assigned little to no value to this project, which may explain why PTC’s shares dipped only 2% in after-hours trading on Tuesday. Additionally, the company announced plans to sell a priority review voucher, which it acquired with the U.S. approval of Kebilidi, for 0 million to an undisclosed buyer. — Jacob Bell

Acadia Pharmaceuticals has acquired exclusive global rights to an experimental drug from Saniona, based in Denmark. This medication aims to modulate a chemical in the brain associated with calming effects, and Acadia plans to initiate a mid-stage study in 2026 for patients suffering from essential tremor. The deal announced Tuesday features an million upfront payment, along with the potential for up to 2 million in milestone payments. Furthermore, Saniona may earn tiered royalties on net sales from any resulting products. — Jacob Bell

Soleno Therapeutics will need to wait an additional three months to find out if the FDA will authorize its treatment for Prader-Willi syndrome, a rare condition associated with severe hunger and developmental issues. The agency has set a new deadline of March 27, 2025, to allow for consideration of newly submitted information from Soleno. — Ned Pagliarulo

The FDA is expected to reach a decision by March 23 regarding Alnylam Pharmaceuticals’s drug targeting the cardiac variant of transthyretin amyloidosis, commonly referred to as ATTR-CM. If approved, Alnylam’s treatment will enter a competitive space alongside Pfizer’s tafamidis and BridgeBio Pharma’s recently approved Attruby, thereby providing physicians with three therapeutic options for a critical condition affecting tens of thousands in the U.S. and Europe. The FDA has stated it does not plan to hold an advisory committee to reconsider Alnylam’s application, as per the company’s report on Monday. — Ned Pagliarulo