Idorsia Therapeutics is negotiating to sell global rights to its high blood pressure drug amid a restructuring that could eliminate up to 270 positions, writes John George for Philadelphia Business Journal.
Idorsia in Allschwil, Switzerland, has 1,100 workers globally, but has its US operations—Idorsia Pharmaceuticals USA–in Radnor, where there are about 125 workers.
The eliminated positions would be mostly in research and development and support functions at its Swiss headquarters.
It’s unknown what impact, if any, the restructuring would have at its Radnor location.
Idorsia posted $172.3 million in revenue for 2023, and a net loss of $337.8 million.
“This is a first and crucial step in our plan to put Idorsia in a financially sustainable position and on the road towards profitability,” said André C. Muller, CEO of Idorsia, in a statement.
The firm is negotiating with an unnamed party for global rights to its hypertension drug aprocitentan.
Aprocitentan, with the brand name Tryvio, was approved earlier this year by the Food and Drug Administration to treat hypertension that does not respond to other treatments.
Idorsia would receive a $35 million exclusivity payment under the potential agreement in return for the transfer of global rights to aprocitentan.
Read more about the negotiations and restructuring in Philadelphia Business Journal.
