Myovant Sciences won 3 drug approvals and got bought out. Now it's cutting nearly 100 jobs.
In the wake of the pandemic, CEOs are being ousted at an unprecedented rate.
Myovant Sciences Ltd. has cut nearly 100 jobs in the Peninsula, a month after it was bought by a division of Japan's Sumitomo Pharmaceutical.
According to a WARN Act submission by the Brisbane-based company, among the 94 jobs to be eliminated by the end June is the CEO David Marek's, as well as the chief commercial officer, the chief medical officer, and various senior vice president and deputy president positions.
Sumitovant Biopharma Ltd. (part of Sumitomo Pharma) bought last month the remaining portion of Myovant in an all-cash $1.7 billion deal.
Myrtle Potter is the CEO of Sumitovant, a company that was founded by Myrtle Potter. She was previously president and COO of Genentech Inc.
Potter and Sumitovant's spokesperson did not return messages immediately Tuesday afternoon.
Myovant, founded in 2016, was started by Vivek Ramaswamy - a former hedge fund manager who is running for president of the United States as a Republican candidate in 2024. He brought Bay Area biotech veteran Lynn Seely on board to run the company. Myovant, under Seely's leadership, reached 350 employees and went public. In December 2020, the Food and Drug Administration approved Orgovyx for advanced prostate carcinoma.
The company lined up a possible $4 billion collaboration between Pfizer Inc.
Seely left Lyell Immunopharma Inc. in January 2021 and landed late last year with South San Francisco's cancer drug developer Lyell Immunopharma Inc. After Marek joined the company, the company won FDA approval for another formulation of the drug to treat heavy bleeding during menstruation and pain caused by endometriosis.