Kenneth Yoon

Question: What consequences do executives face after they initiate mass layoffs? Given the vast levels of biopharma layoffs in the past 3 years, clearly the majority of those "impacted" are at the receiving end of being terminated. But what of the leadership that initiated the layoffs? This HBR article details the story from the other end - what leaders should expect of their company performance after layoffs. " We found that company confidence dropped 16.9 percentage points. Belief in career opportunities dropped 12.1 percentage points. And confidence in leadership dropped 10.5 percentage points." " Perel also noted that building loyalty is almost impossible in an environment where people feel they could lose their jobs at any moment: “Many employees come to work looking for a sense of identity, belonging, and purpose,” she told us. “When companies do round after round of layoffs, it erodes their trust, diminishes their sense of belonging, and threatens their motivation. It’s hard to continue embracing work with the same gusto when you’re not sure if your employer cares about you as a human.” " HBR advises executives to manage expectations on the consequences of triggering a layoff * Be realistic in your expectations and expect engagement and company confidence to take a long-term hit. * Focus on how the change is communicated from the outset. * Don’t try to do more with less. * Treat people humanely in the off-boarding process. * Recognize that relationships outlive employment contracts. If one works in the Biopharma field, notably in the Boston/Cambridge area, layoffs are frequent and almost built into the fabric of society here. The last point HBR makes is very true, relationships between those leaving and those left behind can bridge the gap between decades of career change. Amazing and honorable former coworkers will tend to carry their phenotype through time, gaining reputation. Strangely absent in the HBR article is reputational risk for those that cause layoffs - how did they manage their company into a hole? - this will undoubtedly endure as well. Didier Elzinga writes in HBR here - https://lnkd.in/egtWVkGj.

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My latest Timmerman Report piece, https://lnkd.in/eHg9VN8p , looking at recent, bracing Goldman Sachs report calling BS on some of the more extravagant expectations around AI, esp re: near-term productivity benefits. I review the GS report, discuss in context of biopharma R&D, and argue that "By steering a path between credulous mysticism on the one hand, and reflexive cynicism on the other, we can inquisitively explore and thoughtfully interrogate this powerful emerging technology, and identify meaningful opportunities for productive application in biopharma R&D."  cc: Isaac Kohane Peter Lee Carey Goldberg Subha Madhavan Allison Nathan James Bessen Derek Lowe Andreas Bender Jack Scannell Jeremy Goldberg Shai Shen-Orr Arielle Rothman Steve Lohr 👤 Adam Shaywitz Scott Gottlieb

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With the recent advances in data science, including the application of generative AI, biopharma companies are finding themselves bottlenecked not by the number of new ideas they can come up with, but by the ability to select and validate the right hypotheses with the greatest potential to help patients. At Turbine, we set out to overcome this exact problem, as our simulation of biology helps researchers test millions of ideas before selecting the right hypothesis & right experiment - be that in a cell, animal or a patient. But with our predictive power & partnerships growing, now comes the fun part: how do we roll this out to every corner of the industry? How do we convince researchers they should change the very foundations of their workflow? I'm certain two new Board members will help us answer those questions: Greg Hersch, SVP of Strategy at Merck & Anna Marie Wagner who spearheaded the largest ever IPO in biotech at Ginkgo Bioworks and acted as their SVP of Corp. Dev & AI. This duo has thought long and hard about the future of biotech and how to productize a tech platform instead of fueling an in-house drug pipeline with it. Anna Marie, Greg - look forward to learning from you two & thank you for your trust!

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Layoffs in BioPharma CDMOs… There’s been a lot of layoffs in the industry this year. Why? Restructuring (driven by new leadership), site closures, financing restrictions, and M&As. Some recent layoffs 👇 Gilead Sciences set to layoff 72 employees at it’s Seattle location set to close. Thermo Fisher Scientific will layoff 160 employees in plans to close the site in Lexington, MA. Charles River Laboratories has laid off more than 1,300 employees through consolidation and 15 small-site closures. Scorpius BioManufacturing, Inc. had layoffs due to financial restrictions. AGC Biologics has laid off talent across the US and EU for cost challenges. KBI Biopharma had layoffs after backing out of it’s Cell & Gene service expansion. A time of uncertainty for employees at Catalent Pharma Solutions with the acquisition taking place. Some have confirmation they will be retained, lot’s of others unsure. Veranova has been relocating it’s executive team to Boston – not something everyone could do. Although these actions are purposefully driven to benefit, it’s never easy to be directly effected by it. If you have been a part of recent layoffs, don’t hesitate to reach out and send me a message. 📩

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Highly recommended as always - take a listen to Bruce Booth's Year in Review. What's your key themes from '24 and what do you look forward to in '25?

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In an era where medicine is as complex as the diseases it aims to treat, involving patients isn't just beneficial—it's imperative. Patient insights drive the development process, from initial design to regulatory approval. This approach isn't just about compliance; it's about crafting therapies that genuinely help those who need it. When patients are the cornerstone of our development strategy, it leads to faster trial enrollments, particularly in rare diseases. It helps us navigate the regulatory landscape more effectively by aligning early with patient needs and expectations.

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🚨 The #FDA's latest draft guidance on accelerated approvals takes aim at "dangling" approvals—products still marketed despite failed confirmatory trials. The agency is now mandating tighter timelines (2-4 years for oncology), more transparency in withdrawal processes, and public involvement. 🕵️‍♂️ This marks a shift from flexibility to rigor, signaling that the accelerated pathway is no longer a free pass. For #biopharma, it's both a challenge and an opportunity to align trial strategies earlier. Is this the FDA tightening the reins—or just evolution in regulatory science? FDA website: https://lnkd.in/gqc-z-5e #pharmanews #breakingnews

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We are pleased to announce our partnership with ZAETHER. This collaboration aligns with our shared commitment to deliver modern, disruptive platform technologies to the life sciences industry. Read the press release to learn more: https://bit.ly/40QoPVj

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Alentis therapeutics’s anti-Claudin 1 antibodies in oncology and fibrosis have the potential to not only tackle a broader range of tumours than Claudin18.2 and Claudin6 but also to tackle the extracellular matrix remodelling that occurs in certain cancers which helps to exclude T cells in the tumour microenvironment. The data nicely summarised below from ESMO highlighted the potential of the tight junction Claudin family of proteins in oncology. Alentis is also now in the clinic aiming to showcase the potential for blocking the actions of Claudin1 in fibrosis. It is an exciting time for this next tight junction protein, Claudin1, as it moves into the clinical limelight. Alentis leads the way as a first in class.

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Very few books have had as massive an impact on my career as Roger Martin's "The Opposable Mind" (2007, Harvard Business Review Press). The book explores how successful leaders leverage integrative thinking to solve complex problems by synthesizing opposing ideas into innovative solutions. It emphasizes developing a mindset that embraces complexity and uncertainty to achieve breakthrough results. When I started Tait Labs as a biotech company with the original goal of developing novel therapeutics for neurological diseases, I struggled to reconcile the "natural" food-based and "synthetic" drug-based approaches to treating diseases. This book gave me the courage to ask difficult questions of leaders in both the drug and food industries, and inspired me to explore the history and laws governing these sectors on my own. My journey took me from investigating the origins of the US Food and Drug Administration to understanding their modern-day regulatory programs for botanical drugs, medical foods, and new dietary ingredients. What I discovered both shocked and rewarded me in ways I could not have imagined. If you are having difficulty merging two seemingly opposing ideologies, this book will help you transform that internal conflict into a source of innovative thinking. Thanks to my good friend Erik Hansen of Mekanic branding and marketing agency for lending me this book way back when! #Leadership #Innovation #IntegrativeThinking #Biotech #CareerImpact

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Discover our latest article with PharmExec, where we explore how early access programs are reshaping the pharmaceutical industry across Asia and examine the impact of initiatives like China's Hainan Early Access and the Greater Bay Area's Medicine Connect on the pharmaceutical landscape. Read more: https://ow.ly/pyyq30sI6vp #BetterMarketAccess #AsiaPharma #PharmaceuticalIndustry #SimonKucher

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Excited for our series on why clean usable data is crucial for research and clinical trials. Special thanks to Allen Wilbanks and OncologyTube.com for working with Omega Healthcare Management Services to get the word out about how CurateIQ can help make your data optimal for research. Lindsey Tornabeni (Klein) #clinicaltrials #RealWorldData #RWD #CurateIQ #precisionmedicine #oncology

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Proteins are the machines that drive biology. Advances in AI, together with rich proteomics and functional genomics data, are offering glimpses into the complex relationships between communities of proteins…and how resetting dysfunctional protein communities may be the key to treating diseases that have long been out of reach. The team at Xaira is hard at work!

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ShangBay’s portfolio company Skyhawk Therapeutics, Inc., a clinical-stage biotechnology company developing novel small molecule therapies designed to modulate critical RNA targets, today announced that the Company will deliver a poster presentation highlighting preclinical data that support SKY-1214 as a potential treatment for relapsed/refractory (R/R) multiple myeloma (MM) and non-Hodgkin's lymphoma (NHL) at the upcoming 66th American Society of Hematology (ASH) Annual Meeting taking place December 7-10, 2024 in San Diego, California.

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I keep hearing that the biotech market is about to rebound. According to recent data, there were 38 layoff announcements in the second quarter of 2024, compared to 36 in the same period during 2023. In conversations with colleagues, many express a desire to change jobs. However, the current job market seems limited, leaving them feeling stuck. Is biotech due for some good news? When will we see the job market improve? #Biotech #JobMarket #CareerChange #Layoffs #MarketTrends

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The ADC space has certainly been a ‘hot’ space in oncology over the last ~5-7 years, both from clinical and technical advances perspective, and the robust deal landscape, with both, biotech, and large pharma invested deeply in the modality, and it’s going to be very interesting to see how we’re going to succeed in moving these next gen programs forward, and the how this modality carves out its space in the highly nuanced, rapidly evolving oncology landscape. To know more, Join us at the upcoming webinar, "Upgrading ADCs to the Next Level: What Does the Future of Antibody Drug Conjugates Look Like?" to learn about: Register: https://buff.ly/3UG8pL5 Date: November 20, 2024 Time: 10:30 AM – 12:00 PM EST • The current state of the art of ADCs and key gaps/barriers for development • Successes in advancing next gen platforms • How the investing and deal-making environment will continue to foster innovation in ADCs Speakers: John Lambert, PhD, Consultant/Scientific Advisor and former CSO of ImmunoGen, Inc. Dr. Krystle Karoscik, Chief Operating Officer, INNOVOTEX Inc. Michael G King Jr, CEO, Oqory, Inc. Michael Stumpp, PhD, EVP Projects, Molecular Partners AG Greg Dwyer, VP of Business Development, Orum Therapeutics Jeremy Sauer, PhD, Director, External Innovation for ADC Discovery and Cancer Immunology, Pfizer Asthika Goonewardene, MBA, Managing Director, Senior Biotech Analyst, Truist Securities Moderators: Jeff Bockman, Expert Advisor, EVP, Oncology, Lumanity Viraj Parekh, Principal, Oncology Lead, Lumanity

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When investors think your gene therapy isn't good enough... That's what Lexeo is feeling right now on LX2006 for cardiomyopathy associated with Friedreich's Ataxia. Their Ph1/2 trial saw 50% of patients (8 total in the trial) experience a reduction of 10% in left ventricular mass index. There are only a handful of companies developing therapies for Friedreich's Ataxia, let alone the heart-related components of this rare disease. While Lexeo was optimistic about the data and taking it to discuss a future pivotal study with regulators, the market was not, knocking the stock down at present ~25%. The public markets are brutal with earlier stage companies. Depending on capital needs, it can be a bit easier to not be public when you're early in development. Regardless, another piece of positive news for AAV as it slowly comes out of its winter. Lines up with our beginning of the year predictions below! https://lnkd.in/drRreSCd

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Inspiring to see Canadian innovation leading in this space!  🇨🇦 🇨🇦 🇨🇦 Very interesting insights into the future of healthcare and how AI is already improving patient outcomes in Canada: ➡ Doctors amplified with AI putting patients on the right care path years earlier.   ➡ Clinical trials recruiting patients in weeks instead of months. ➡ Healthcare systems that can predict and prevent, not just react. PS:   Did you know that healthcare generates 30% of the world's data? Yet, 97% of data produced in hospitals every year goes unused (weforum.org). This is why we need better tools like AI to leverage this incredible resource and address unmet needs for patients. HEALWELL AI

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Excellent article for those thinking about partnering their assets. The data suggest it’s not as easy as you think with many biotech companies and many fewer buyers! Thanks, Ed Saltzman!

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