"On the heels of a strong year of FDA approvals, there are signs in early 2024 that the biotech sector is recovering. Examples include two recent biotech IPOs, signs of investor optimism and continued M&A momentum. As a case in point, AstraZeneca recently wrapped up its $1.2 billion acquisition of Gracell Biotechnologies. But the biotech sector continues to see a significant number of layoffs. Major cuts in early 2024 include companies like Cara Therapeutics, Ikena Oncology, Pfizer, Sandoz, Roche, and Sana Biotechnology. In early 2024, the rate of layoff events has continued at roughly the same clip over the past several months. Altogether, there were 5,056 job cuts from the beginning of the year to March 10."
https://www.dr-gdiscoverytrends.com/mapping-2024-biotech-and-pharma-layoffs/