Walgreens is set to lay off 256 employees in its latest move to cut costs in a year that’s seen the retail pharmacy giant’s shares plummet 63%, company spokesperson Fraser Engerman confirmed in an email to Healthcare Brew.

The move comes just more than two weeks after Walgreens reported a $3 billion loss in its Q4 earnings—bringing the total year’s net loss to $8.6 billion, a 180% increase compared to 2023—and executives announced plans to close 1,200 stores over the next three years.

“While decisions like these are always difficult, we believe this action is necessary to position us to rapidly respond to the changing external environment so we can best serve the millions of patients and customers who depend on us every day for their healthcare needs,” Engerman said in the email.

He added that the layoffs will allow Walgreens to further focus on its core retail pharmacy business. All affected employees worked in support center roles and will receive severance and outplacement support, he said.

Keep reading here.—MA

There’s a new biotech startup in town with big plans and a leadership team of seasoned execs.

Private company Ottimo Pharma emerged from stealth mode on October 28 with a goal of developing cancer therapies for solid tumors.

Its focus right now is on developing a new antibody, Jankistomig, which could do just that by targeting immune checkpoint inhibition and angiogenesis (the formation of new blood vessels).

The drug would specifically work by blocking PD1 and VEGF pathways, an approach to fighting cancer that is backed by a growing body of research.

Jankistomig has been in pre-clinical development for three years, and the company plans to file an investigational new drug application with the FDA in late 2025, which will allow clinical trials to begin, according to a release.

Keep reading here.—CC

Welcome to October’s On Rotation!

While CVS Health’s CEO switcheroo was arguably the biggest career story of the month, it wasn’t the only one.

We keep our fingers on the pulse of who’s moving where in the healthcare world, from small startups bringing in new leadership to big orgs trading seasoned execs. Each month, we highlight some of the major job changes in the healthcare sector.

Here’s a noncomprehensive roundup of the past month’s career shifts.

Have a job announcement to share? Drop Caroline or Cassie an email at [email protected] or [email protected].

Bruce Broussard: Define Ventures, a San Francisco-based venture capital firm focused on health tech companies, announced on October 22 that the recent CEO and president of Humana had joined the firm as a venture partner.

David Epstein: Ottimo Pharma, a new private biotech startup jointly based in London and Boston, emerged from stealth and announced Epstein as its chair and CEO on October 28. Epstein previously served as CEO of Seagen from November 2022 until it was sold to Pfizer in December 2023.

Keep reading here.—CC