Val Kennedy

23andMe (ME) said in an SEC filing that it plans to lay off about 9% of its workforce, or around 75 employees, as part of a company restructuring. Read more here.

Avrobio (AVRO) has completed the sale of its cystinosis gene therapy program to Novartis (NVS) for $87.5M in cash, which should extend its cash runway into Q4 2024. Read more here.

Teva Pharmaceutical Industries (TEVA) has agreed to pay $1.41B to settle the State of Kentucky's price-fixing claims against the company. Read more here.

The FDA has expanded its approval of Ironwood Pharmaceuticals' (IRWD) drug Linzess to include the treatment of functional constipation in children and teens. Read more here.

Biogen (BIIB) said that three of its board members will no longer stand for reelection at the company's upcoming annual meeting, which it plans to adjourn until June 26. Read more.

Lava Therapeutics (LTRX) said that it is discontinuing development of its hematology drug candidate LAVA-051 over competitive concerns and will instead focus on its lead program.

Biolife4D (SAVU), which has been developing bioengineered human hearts, has upsized its proposed initial public offering to $10M from $8M. Read more here.

BofA Securities has initiated coverage of Oculis (OCS) with a buy rating, citing the market potential of its topical treatment for diabetic macular edema, or DME.

BTIG has initiated coverage of eye drug developer Viridian Therapeutics (VRDN) with a buy rating, citing its drug candidate for the treatment of thyroid eye disease, or TED.

Amgen (AMGN) has reportedly hired Moderna's (MRNA) chief medical officer, Paul Burton, as its new chief medical officer. Read more here.