Ultragenyx Cuts 130 Jobs After Setrusumab Fails; VERAXA Shareholders OK Financing Changes
Ultragenyx cuts 10% of staff after setrusumab Phase III misses; VERAXA Biotech shareholders approve capital and board changes at EGM.
Ultragenyx Pharmaceutical is slashing around 130 employees, or 10% of its workforce, as part of a restructuring plan to reach profitability in 2027, following the failure of two Phase III trials of its osteogenesis imperfecta therapy setrusumab. Separately, VERAXA Biotech shareholders on July 24, 2026 approved all proposals at an extraordinary general meeting, granting the company new financing flexibility.
The rare disease specialist said it has initiated a strategic restructuring plan designed to reduce headcount and expenses and focus resources on its largest value drivers. The move comes after late-stage setbacks for setrusumab, which missed the primary endpoint of fracture reduction in both studies.
At VERAXA’s meeting, over 99.94% of shareholders present or represented voted in favor of the proposals, with 102,102,301 voting shares (72.20% of total share capital) represented. The approved resolutions introduce conditional share capital for shareholder options and warrants, implement a capital band through December 31, 2030, and increase the maximum board size from five to seven members. The company stated the framework is intended to support long‑term growth, business development, and potential strategic partnerships.