Get our latest issue now

available for iOS, Android & web

latest issue

Sweden's Karo Bio cuts a quarter of staff

Daily News | February 21, 2012

Kevin Grogan

Sweden's Karo Bio cuts a quarter of staff

A week after pulling the plug on its late-stage cholesterol compound eprotirome, Karo Bio has laid off 16 of its 70 employees.

The Swedish firm says that the downsizing is to reduce costs in the wake of terminating the Phase III programme on eprotirome, a thyroid hormone analogue which could lower ‘bad’ cholesterol levels in patients already taking statins, after an animal study demonstrated unwanted effects following long-term exposure.

Interestingly, the job losses are less than had been announced in November. Then, Karo Bio said it would be laying off 25 staff after spinning off its preclinical activities but that plan has now been halted, due to the eprotirome news.

The company noted that together with other personnel changes in 2011, the reduction in staff will result in annual savings of around 17 million Swedish kroner, about $2.6 million.

Click here to order a reprint of this news story.


Your Comments

Tell us what you think.

Twitter Go to @PharmaTimes

Find a job

Website Search

Search News Search Magazine

Business Insight


Competitions News


International Clinical Researcher of the Year 2016

Book your tickets today!