Foghorn Therapeutics to Cut 40% of Workforce After Drug Discontinuation
Foghorn Therapeutics will cut 40% of its workforce after discontinuing its experimental cancer drug, which was partnered with Eli Lilly. The drug failed to show sufficient benefit in an early-stage trial, and the companies will not extend their partnership.
Foghorn Therapeutics NASDAQ:FHTX said on Thursday it has discontinued development of an experimental cancer drug partnered with Eli Lilly NYSE:LLY after it failed to show enough benefit in an early-stage trial.The companies will not extend their 2021 partnership, originally valued at up to $1.6 bil…