• Lexicon Pharmaceuticals (NASDAQ:LXRX) lost ~11% in the premarket on Friday after announcing plans to eliminate its commercial operations in a bid to generate as much as $100M in cost savings next year.
• The decision follows the FDA’s rejection of the company’s New Drug Application (NDA) for diabetes therapy, Zynquista (sotagliflozin), based on deficiencies found in the NDA.
• Accordingly, Lexicon’s (NASDAQ:LXRX) commercial field team will be axed, and 60% of the company’s workforce will lose their jobs.
• The size of the company’s other functions will also be reduced, and all ongoing and planned promotional efforts for its commercialized drugs, Inpefa and Zynquista, will also come to an end. Through the program, Lexicon (LXRX) plans to cut its 2025 operating costs by $100M.

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