Industry
Lilly ends Foghorn cancer drug partnership as biotech cuts 40% of staff
Foghorn said it is ending its Lilly collaboration and cutting 40% of its staff after its cancer drug failed efficacy benchmarks for further testing.
Eli Lilly is ending its collaboration with Foghorn Therapeutics after the cancer drug the companies were developing failed efficacy benchmarks to advance into further testing, BioPharma Dive reported. Foghorn said Thursday it is cutting 40% of its staff and discontinuing FHD-909, its synthetic lethality program, and a second unnamed experimental medicine targeting SMARCA2. Endpoints News also reported Lilly is walking away from Foghorn’s synthetic lethality drug development and that the biotech is reducing headcount by 40%.
The collaboration dates to 2021, according to BioPharma Dive. The outlet reported that Guggenheim Securities analyst Michael Schmidt described FHD-909 as Foghorn’s lead value driver and most advanced program in clinical development. Foghorn’s shares fell 22% on Thursday, the outlet reported.
