"Tessera Therapeutics, a high-profile Somerville biotech developing next-generation gene-writing technology, is cutting about 35% of its workforce as it shifts its focus to a new partnership with Regeneron. The company notified the state on Wednesday that it will lay off 90 employees, including 82 Massachusetts residents, beginning March 8. Tessera said the job cuts are permanent but will include severance and no facilities will close."
"After this round of layoffs, the company will have roughly 160 employees, according to the Boston Business Journal. The restructuring comes as Tessera concentrates on its recently announced collaboration with Regeneron to develop a gene-editing therapy for Alpha-1 Antitrypsin Deficiency. The deal includes a $150 million investment from Regeneron, with both companies splitting future development costs and profits. Founded in 2018 by Flagship Pioneering, Tessera aims to "cure disease by writing in the code of life" through technology designed to insert therapeutic genetic messages directly into the genome."
Tessera Therapeutics is eliminating about 35% of its workforce, laying off 90 employees beginning March 8, with 82 of those workers in Massachusetts. The company will provide severance and will not close any facilities, and the workforce will fall to roughly 160 employees after the cuts. The restructuring aligns with a new collaboration with Regeneron to develop a gene-editing therapy for Alpha-1 Antitrypsin Deficiency. Regeneron committed a $150 million investment, and both companies will split future development costs and profits. Tessera, founded in 2018 by Flagship Pioneering, focuses on inserting therapeutic genetic messages into the genome and has received significant philanthropic funding, including $50 million from the Bill & Melinda Gates Foundation.
Read at Boston.com
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