Arrowhead Pharmaceuticals stock plunged 60 percent Tuesday after the company announced, after the markets closed, it is dropping development of its three leading compounds to fight liver diseases.
As a result of the change in direction, 30 percent of Arrowhead’s staff will lose their jobs.
Arrowhead is based in Pasadena, California, but its main laboratories are in Madison, at 465 Science Drive in University Research Park. The drug development company uses RNA interference to silence the genes that cause certain diseases.
Arrowhead Pharmaceuticals has also terminated the employment of chief scientific officer David Lewis, effective later this month, the company said in a regulatory filing that was made public on Thursday. Read the Xconomy story here.