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Antibiotics market wipes out 80 jobs at Peninsula company a month after its 1st drug approval
San Francisco Business Times

The market for antibacterial drugs continues to wipe away pieces of Bay Area drug developers.

A month after winning Food and Drug Administration approval of its first drug, which wards off urinary track infections, Achaogen Inc. (NASDAQ: AKAO) said it will lay off more than a quarter of its employees, or 80 positions. What’s more, the South San Francisco company said, three of its top executives are leaving.

The moves come as drug makers retreat from antibiotics, and they follow the decision earlier this month by Novartis AG (NYSE: NVS) to cut 140 jobs at it shutters its Emeryville-based Novartis Institute for Infectious Diseases.