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Somerville biotech company laying off 35% of workforce
Tessera Therapeutics, a genetic medicine company, is laying off 90 employees as it refocuses on a new partnership.
Tessera Therapeutics, a high-profile Somerville biotech developing next-generation gene-writing technology, is cutting about 35% of its workforce as it shifts its focus to a new partnership with Regeneron.
The company notified the state on Wednesday that it will lay off 90 employees, including 82 Massachusetts residents, beginning March 8. Tessera said the job cuts are permanent but will include severance, and no facilities will close.
After this round of layoffs, the company will have roughly 160 employees, according to a company spokesperson.
The restructuring comes as Tessera concentrates on its recently announced collaboration with Regeneron to develop a gene-editing therapy for Alpha-1 Antitrypsin Deficiency. The deal includes a $150 million investment from Regeneron, with both companies splitting future development costs and profits.
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In addition, the spokesperson said the company will continue to invest in CAR-T gene-writing technology as the foundation for the next wave of programs. The workforce reduction will enable the company to afford to proceed with clinical trials.
Founded in 2018 by Flagship Pioneering, Tessera aims to “cure disease by writing in the code of life” through technology designed to insert therapeutic genetic messages directly into the genome.
Tessera has also attracted significant philanthropic funding, including $50 million from the Bill & Melinda Gates Foundation to support genetic medicine programs for sickle-cell disease.
The company did not return a request for comment on Monday.
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