Aug 4, 2021 3:20pm
Ardelyx expects its restructuring move to save about $17 million in yearly cash compensation costs. (Getty/AndreyPopov)
In the aftermath of a surprise FDA rejection in chronic kidney disease, Ardelyx is tightening its belt.
July 29, the day after the FDA bounced back the company’s NHE3 inhibitor tenapanor, Ardelyx’s board gave the all-clear for a restructuring plan aimed at reducing operating costs and streamlining its workforce, the biotech said (PDF) this week in a U.S. securities filing.
Under the restructuring plan, which kicked off Monday and is expected to wrap up this month, the biotech will part ways with 33% of its workforce, or about 83 employees. Ardelyx expects the move to save about $17 million in yearly costs.
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