AbbVie Inc. (NYSE:ABBV) Plans with Bristol Myers Squibb Co (NYSE:BMY) To Lay off Jobs
According to a Bristol Myers representative, the job layoffs are the result of the company's $4.1 billion acquisition of drug researcher Turning Point Therapeutics in August.

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The leading drugmakers Bristol Myers Squibb Co (NYSE:BMY) and AbbVie Inc. (NYSE:ABBV) informed California regulators that they want to remove up to 360 employees there in unrelated measures, according to papers filed with the state and made public earlier this week.

According to the documents, Bristol Myers planned to lay off up to 261 people in two distinct San Diego sites. According to a Bristol Myers representative, the job layoffs are the result of the company’s $4.1 billion acquisition of drug researcher Turning Point Therapeutics in August.

“All entering workers received retention packages related to ongoing service to BMS for a period of time and have been encouraged to apply to long-term employment at BMS once their retention period finishes,” stated a representative in an email.

Separately, AbbVie has informed the state that it intends to lay off up to 99 employees in Irvine, California. A request for comment was not returned by the corporation.

According to Bristol Myers Squibb, the Phase 3 CheckMate -76K trial evaluating Opdivo (nivolumab) as a single agent in the adjuvant setting in patients with completely resected stage IIB/C melanoma met its primary endpoint and demonstrated a statistically significant and clinically meaningful benefit in RFS versus placebo at a pre-specified interim analysis (NYSE: BMY). There were no further safety signals detected throughout the research.

Gina Fusaro, PhD, development program lead, melanoma, Bristol Myers Squibb said,

“Stage IIB/C melanoma patients are at high risk of disease recurrence, with approximately one third of stage IIB and half of stage IIC patients experiencing recurrence within five years after surgery. The results of the CheckMate -76K study represent a significant advancement for patients with stage IIB/C melanoma and an extension of our legacy in the treatment of melanoma. Recurrence represents a life-altering event for people living with cancer. Treating with Opdivo in earlier stages of cancer, when the immune system may be more responsive, has the potential to help prevent recurrence – a critical goal of improving patient outcomes.”

The business will do a thorough analysis of the CheckMate -76K data and plans to share the findings at an upcoming medical conference as well as with health authorities. Bristol Myers Squibb expresses gratitude to the patients and scientists who took part in the CheckMate -76K clinical study.

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