The biopharma’s layoff woes continue to make headlines, but the news is not all negative. To get a clearer picture, we gathered data on layoffs, new plant announcements and companies hiring, including specific coordinates for locations down to the address level, when possible. After clustering the data, we identified the top- and worst-performing global hubs. More about that later.
This feature also has an interactive map that breaks down biopharma companies, including some industry suppliers and service-providers, that are hiring (orange markers). It also rounds up layoffs (red markers), new plant announcements (blue markers) and VC or angel funding announcements in 2024 (green).
This data-driven approach combines the hiring, layoffs, and new plant announcements in the first half of 2024. If you have any tips for items to add to the map, reach out over LinkedIn.
This analysis of biopharma industry dynamics in the first half of 2024 surveyed hiring, layoffs, new plants and funding data for each region. The methodologies had limitations. For instance, job openings were retrieved from Crunchbase, which may undercount job openings in some regions where English is not widely used. The other data are not exhaustive. Much of it, including layoffs and plant openings, was compiled by Drug Discovery & Development. (Extra note: The four regions are not rank-ordered.)
All in all, East Asia was the top region in terms of its overall performance when factoring in hiring, layoffs and new plant announcements in the first half of 2024. China’s pharmaceutical companies are expanding globally, with a surge in overseas licensing deals and partnerships. Meanwhile, Japan has implemented significant drug pricing reforms in 2024 to address approval delays, ensure supply chain stability and maintain financial sustainability. Against that backdrop, several major drug companies have announced significant investments to expand their manufacturing capabilities across Asia. AGC Biologics unveiled plans for a new facility in Yokohama, Japan to produce biologics and advanced therapies. WuXi AppTec commissioned new peptide manufacturing plants in Changzhou and Taixing, China to boost peptide therapeutic production. Lotte Biologics aims to construct three bio plants in Songdo, South Korea with a total 360,000 liter antibody capacity by 2030. Finally, MilliporeSigma is investing in a new bioprocessing center in Daejeon, South Korea to support biologics manufacturing.
Meanwhile in Singapore, AbbVie announced a $223 million expansion of an existing biologics manufacturing facility, adding 24,000 liters of biologics drug-substance capacity expected to be completed in 2026. Additionally, Thermo Fisher Scientific opened a new sterile drug facility in Singapore to support medicines and vaccines research, development and manufacturing for the Asia-Pacific market. This cGMP facility will provide vaccine fill-finish capabilities.
In terms of Asian funding, much of it occurred in China. For instance, Hangzhou, China–based Junhemeng Biopharmaceutical raised $138 million in a Series B funding round on May 9, 2024. Huadao Biopharma, located in Shanghai, secured $165 million in a Series D funding round on February 26, 2024. Meanwhile, Guangzhou–based Angitia Biopharmaceuticals, a biotech company focusing on musculoskeletal diseases, raised $100 million in a Series B funding round on January 1, 2024.
Although Swiss giants Novartis and Roche have slid in the rankings of top pharma companies in recent years, Europe remains the second-largest biopharmaceuticals market globally behind North America. While the region faces potential challenges, such as shortened market exclusivity periods proposed by the European Union, the region continues to be a key player. Significant firms with operations in the area, including Bayer, U.S.-domiciled Pfizer, Roche and Sanofi have cut workers on the Continent. In the positive column, Amgen is upgrading its Iceland-based deCODE genetics subsidiary with NVIDIA DGX SuperPOD hardware with the aim of accelerating drug discovery by enabling researchers to analyze and learn from data more efficiently. Also in the first half of 2024, Boehringer Ingelheim has announced a €120 million investment to expand its plant in Koropi, Greece. GSK plans to invest over £200 million in the UK through 2025 to bolster its supply network. Daiichi Sankyo unveiled a €1 billion investment to expand its antibody-drug conjugate capabilities in Pfaffenhofen, Germany.
One of the most prominent deals in Europe includes Apollo Therapeutics, a UK-based company backed by three global pharmaceutical companies, which raised $33.5 million in a Series C funding round on Jan. 2, 2024.
The Western U.S., particularly California, remains a prominent hub for biopharma firms. Despite its influence, the region has experienced considerable downsizing of late. Genentech is trimming roughly 3% of its workforce, impacting 436 employees, while Pfizer laid off 52 employees at its South San Francisco location as part of restructuring efforts. Allogene Therapeutics cut 22% of its workforce, or 79 employees, as it shifts focus, and Senti Biosciences reduced its staff by 37%, or 45 employees, to prioritize investment in clinical programs. Exelixis laid off 13% of its staff, or 175 staffers, to concentrate on late-stage candidates. In the positive column, TriLink BioTechnologies opened a new 32,000 ft² cGMP mRNA manufacturing facility in San Diego. At the same time, Argonaut Manufacturing Services secured $45 million to complete a new fill/finish line and bolster vial filling capabilities in nearby Carlsbad. Farther north, Astellas Pharma unveiled a $90 million West Coast Innovation Center in South San Francisco focused on cell and gene therapy research. The 154,000 ft² facility consolidates Astellas’ Bay Area operations.
In terms of prominent West Coast funding examples, BioAge Labs, a California-based company developing drugs to treat aging and associated diseases, raised $170 million in a Series D funding round on February 13, 2024, to advance their lead candidate, azelaprag, into Phase 2 trials for obesity in the elderly. Meanwhile, Alterome Therapeutics, a San Diego-based precision oncology biotech, secured $132 million in a Series B funding round on April 3, 2024. BlossomHill Therapeutics, another San Diego-based company, raised $100 million in a Series B funding round on January 2, 2024, to develop small-molecule drugs for oncology and autoimmune disorders.
The Northeast continues to lead the globe in terms of pharma revenue (it is home to the highest concentration of pharma giants — by far). Still, a number of companies headquartered there faced significant downsizing activities in the first half of 2024. The Boston/Cambridge area has been especially hard hit. For instance, Cambridge-based Intellia Therapeutics cut 15% of its staff, or 90 employees, to streamline operations, while Waltham-based AlloVir laid off 95%, or 101 employees, after three failed Phase 3 trials. Meanwhile, other companies based in Greater Boston, including Ring Therapeutics, Sonata Therapeutics, C4 Therapeutics, Dewpoint Therapeutics, and Rallybio Corporation collectively laid off hundreds. Pfizer’s Pearl River, NY, vaccine R&D site saw 285 layoffs due to global research restructuring.
There was also positive news. In Massachusetts, WuXi Biologics is ramping up its Worcester facility’s biomanufacturing capacity to 36,000 liters, while Cellares opened a new 118,000 ft² site in Bridgewater designed to produce 40,000 cell therapy batches annually. New Jersey’s BioAscent launched a protein production facility to bolster its drug discovery capabilities. In New York, Aptar Pharma is expanding its Congers facility to increase manufacturing capacity for drug delivery systems. In addition, the University of Delaware broke ground on its $150 million SABRE Center, a 70,000 ft² biopharmaceutical innovation hub focused on advanced therapies.
From a funding perspective, Comanche Biopharma, a Massachusetts-based company developing siRNA medicines for preterm preeclampsia, raised $75 million in a Series B funding round on January 17, 2024. Ratio Therapeutics, a Boston-based company developing radiopharmaceuticals for solid tumors, secured $50 million in a Series B funding round on Jan. 17 to help the company progress its pipeline of targeted radiotherapies. LB Pharmaceuticals, based in New York, raised $75 million in a Series C funding round on Jan. 24, 2024.