- Ardelyx (ARDX -0.9%) has implemented a restructuring plan after the FDA turned down the approval of the company’s kidney disease therapy tenapanor in July.
- The plan expected to be complete in Q3 2021 will lead to a nearly 33% decline in the company’s workforce and a ~$17M decrease in annual cash compensation.
- The restructuring drive implemented on August 02 is intended “to reduce operating costs and better align the Company’s workforce with the needs of its business,” Ardelyx (NASDAQ:ARDX) said in a regulatory filing on Monday.
- The restructuring charges estimated at ~$3.4M will be recorded in Q3 2021, it added. Ardelyx (ARDX) is a potential M&A target, according to Jefferies analyst Michael Yee.