AnGes laying off 110 EmendoBio employees three years after $250 million acquisition
AnGes laying off 110 EmendoBio employees three years after $250 million acquisition
The Japanese pharma company notified the employees of the Israeli firm that they are being fired and the future of the company's technology is unclear at this point
Tokyo-listed pharmaceutical company AnGes is laying off 110 employees at the Israeli gene editing technology firm EmendoBio, which it purchased for about $250 million in 2020. Notice of the surprising layoffs was given to the company's employees in a conversation with the managers of the Japanese company. Ten of the company's employees are currently serving in the IDF reserves in Gaza. The future of the Israeli company's technology is unclear at this point.
AnGes is traded on the Japanese stock exchange and has suffered a sharp collapse in its shares in recent years. After the purchase in 2020, the Japanese company said that it would continue to maintain EmendoBio’s business activities on an ongoing basis in all its centers in Israel and the United States.
Founded in 2015 by alumni of Israel's Weizmann Institute of Science Lior Izhar, David Baram, and Rachel Diamant, EmendoBio utilizes protein engineering for precision gene editing, altering single alleles to treat certain genetic disorders and diseases.
AnGes is a biopharma company established in 1999 and focuses on the development of gene-based medicines.
According to IVC, EmendoBio raised $73 million until its purchase, with the OrbiMed life sciences fund, private investors, and other funds among the company's investors. AnGes was also among the investors in the company prior to the acquisition.
David Baram, CEO of EmendoBio from the day it was founded until recently, refused to comment.
