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Good morning. It’s been a challenging time for workers in the biopharma industry. We’ve seen companies announce layoffs one after another, and people online talk about how it seems increasingly difficult to secure a new job. Read our latest on this subject below, with new numbers on the state of the job market.
The need-to-know this morning
- Flagship Pioneering raised a new $2.6 billion investment fund, plus an additional $1 billion for sector-specific side funds. This brings the total capital raised by Flagship into its funds since 2021 to $6.4 billion.
- Abbvie named a new R&D chief. Roopal Thakkar takes over as chief scientific officer and executive vice president for R&D, replacing the retiring Thomas Hudson. Thakkar is currently Abbvie’s chief medical officer.
Laid-off biopharma workers vie for scarce openings
Layoffs have persisted in the biopharma industry for several years now, and workers seem to have fewer and fewer prospects. As an indication of how difficult the job market is, there have been more job cuts at large pharma companies this year than at small biotechs.
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