UPDATE 1-Lexicon Pharmaceuticals to lay off 60% of workforce after FDA setback

Reuters11-22 21:11

(Adds details throughout)

Nov 22 (Reuters) - Lexicon Pharmaceuticals said on Friday it would reduce its workforce by about 60%, after the U.S. Food and Drug Administration noted deficiencies in its application seeking approval for its diabetes drug.

This comes days after a panel of advisers to the FDA voted against recommending the drug, sotagliflozin, as an add-on treatment to insulin therapy for managing blood glucose levels in adults with type 1 diabetes and chronic kidney disease.

Shares of the biopharma firm were down nearly 12% at 68 cents in premarket trading.

Lexicon said it will eliminate its commercial field team and stop promotional efforts for its approved heart failure treatment, Inpefa.

However, the company said it will continue to manufacture and make Inpefa available to patients and existing prescribers.

As part of the restructuring, Lexicon aims to reduce operating costs by $100 million in 2025.

(Reporting by Mariam Sunny in Bengaluru; Editing by Shreya Biswas)

((Mariam.ESunny@thomsonreuters.com;))

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