Austin biotech Molecular Templates lays off more than 100 staffers as pipeline narrows

Molecular Templates is ridding itself of a Phase I HER2 asset and fine-tuning its pipeline to focus on three programs and a preclinical Bristol Myers Squibb collaboration. With the narrowed scope on its so-called engineered toxin bodies, the Austin, TX biotech is laying off about half of its staff.

That’s a little more than 100 employees, per an SEC filing. Molecular’s layoffs, approved by its board Wednesday, add to the dozens of pullbacks in the industry in the first three months of 2023.

Molecular said it would home in on MT-6402, MT-8421 and MT-0169, as well as the Bristol Myers pact, which was disclosed in early 2021 with a $70 million upfront and could balloon to more than $1 billion. Two months after tying the bow on BMS, a Takeda tie-up went bust as Molecular culled development…
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