BBH also recently cut 20 percent of U.S. staff. I love you. "The current health crisis is constantly evolving, and creating significant economic impact," Diamond said. “Unfortunately, given the increasingly challenging environment, we have had to make additional difficult decisions, including position eliminations, furloughs and taking some employees to a reduced schedule,” the Weber Shandwick spokesperson said. According to the memo, the business was operating at an 11 percent margin in March as the pandemic spread throughout the U.S., writes Barker. S&P 500 0.00%. The bottom line is the direct and widespread impact caused by the COVID-19 pandemic has done serious damage to our experiential business, which now consists of a core team including leadership, who are working to help clients find digital paths forward. A Grey spokesperson declined to comment on the specific cost-cutting measures. A high-level overview of Braeburn Pharmaceuticals (BBRX) stock. Together with counseling and support, Braeburn’s next generation medicines are developed with an aim to support patients with OUD as they focus on the reintegration of their lives and communities. Throughout the office the patient is front and center and keeps everyone focused on the goal. “Our people are our greatest asset at VaynerMedia and we are making every effort to protect them,” Founder-CEO Gary Vaynerchuk said in a statement. Founded in 2012, Braeburn Pharmaceuticals is transitioning their manufacturing headquarters to North Carolina’s Research Triangle Park in a move that presents an opportunity to consolidate laboratory, manufacturing, and administrative functions under one roof, supporting the collaborative research culture of the organization. Sign Up. 4 hours 3 min ago, By Kassan declined to say how many people were affected, or whether the permanent staff cuts were also concentrated in the events and executive search divisions of the business. A variety of actions across our agencies are being implemented that include salary cuts, freezes on hiring and temporary labor, major cuts on nonessential spending, and furloughs in markets where that option is available. Publicis Sapient, Digitas, and Rokkan cut staff, as well, according to Business Insider, which first reported news of the layoffs. "This was neither an easy, nor a simple decision. It was important to us to provide all the support we could to those leaving, and are offering everyone at least four weeks of severance, healthcare coverage until the end of the year, and resume writing, interviewing, and networking services," Global CEO Sean Lyons said in a statement. A spokesperson did not say how many employees were furloughed. A Dentsu Aegis Network spokesperson declined to comment on the layoffs. In order to translate a document or PDF and keep *most* of the formatting, layout, images (and more) in place, the language translation software you are using must encode the file. | COM-1002 January 2019. Upload a resume to easily apply to jobs from anywhere. The owner of agencies such as Laundry Service, Cycle and The Collective said it furloughed 5 percent of staff and laid off an additional 3 percent of its global workforce. We are doing everything we can to support those colleagues who are affected during this very challenging time.”, BBH implemented layoffs in New York and Los Angeles, cutting about 20 percent of its U.S. employee base, Ad Age learned. ", The spokesperson continued, "Our people are at the heart of our business and that makes these decisions extremely difficult. Braeburn Pharmaceuticals, an Apple Tree Partners company, is a pill-free pharmaceutical company delivering precision medicine in neuroscience. Havas said there were also staff cuts across three of its agencies in the U.K. “COVID-19 has had a significant impact on several of our clients, varying greatly depending on business sector and geography,” a Havas spokesperson said in a statement. Business Insider, which first reported the layoffs, said the cuts were concentrated in the agency's New York headquarters and affected about 40 people across all levels and departments. Independent agency Giant Spoon has laid off 20 percent of its staff due to the coronavirus pandemic's negative impact on its experiential business. A VaynerMedia spokesperson confirmed that the agency “went through some additional staff reductions” on May 5. It is very collaborative, and everyone is extremely welcoming and helpful. We are actively looking at reducing all costs within every area of the organization in an effort to minimize impact and VaynerMedia remains committed to taking care of both our people and our clients.”, MDC's CPB confirmed that it has furloughed and laid off some staff. Braeburn is reinventing how a pharma company operates. W+K had topped Ad Age's 2020 Agency A-List. We waited as long as we could to take this very difficult decision and in the U.S. we have extended the healthcare benefits to those affected and hired consultants to help our people find new employment.”. Dec 23, 2020, 17:56 ETMeat Institute Remains Focused On … One person familiar with the situation told Ad Age that, at TBWA, the staff reductions are a mix of layoffs and furloughs and will be conducted over the course of two days. Cancel. Anomaly Founding Partner and Executive Chairman Carl Johnson confirmed that the MDC agency laid off 22 employees due to the pandemic and said that “most” executives in its New York office have taken a temporary 10 percent pay cut. We work smarter by leveraging technology and fostering a collaborative environment that encourages individuals to share their talents and voices to bring ideas to life. BBDO North America Chairman David Lubars said, "I'm too heartbroken to comment.". Braeburn is reinventing how a pharma company operates. Throughout the office the patient is front and center and keeps everyone focused on the goal. Braeburn strives to foster high performing teams that are passionate about being on the front lines of addressing the opioid crisis. Activate your account. - 2 days 4 hours ago. Adrianne Pasquarelli To allow its staff to spend holiday time with their families, the Cafepharma Message Boards will be switched to read-only from 6:00 PM Eastern time on Thursday, December … Braeburn Pharmaceuticals. Saatchi & Saatchi laid off employees in its Dallas and Los Angeles offices, Ad Age has learned. When asked how many people would be affected by the layoffs, a D&AD spokesperson told Ad Age the organization wouldn't know until a “staffing review” is completed, which could take up to a month. Upon injection and contact with fluids in the tissue, the lipid solution transforms into a liquid crystalline gel, which encapsulates the active ingredient, allowing for a slow release of the drug over time. WPP, which reported that its like-for-like revenue less pass-through costs fell by 7.9 percent in March due to the pandemic, also said it had implemented voluntary "salary sacrifice and part-time working. Braeburn is reinventing how a pharma company operates. Log In. BBRX. It's complicated, Best of 2020 No. Unfortunately there was no scenario forward without making the impossible decision to say goodbye to some of our valued employees. Golin's U.S. offices are located in Atlanta, Chicago, Dallas, Los Angeles, Miami, New York, San Francisco and Washington, D.C. “This week, we have unfortunately had to remove some full-time positions,” the spokesperson said in an email to Ad Age. While we expect recovery for both our clients and therefore our industry, it appears it will not be a ‘V’ shaped curve and will undoubtedly take more time than hoped.”, The spokesperson continued, “Unfortunately, the result of this is job reductions in agencies whose clients were the hardest hit. DOW 0.00%. Home Forums > Pharma/Biotech Companies > Happy Holidays from Cafepharma! 1Katz, J. "We have made the difficult yet unavoidable decision to furlough a portion of our staff, and lay off a small group. Some raised their hands to leave, helping to save the jobs of others. Opioid addiction, also known as opioid use disorder (OUD), is a medical condition requiring medical treatment. “As an industry, we are navigating through an unprecedented time as this global pandemic continues to impact our clients’ businesses,” VaynerMedia Founder-CEO Gary Vaynerchuk said. Braeburn Biotechnology Plymouth Meeting, Pennsylvania 4,682 followers Braeburn is dedicated to delivering solutions for people living with the serious, often fatal consequences of OUD. Pfizer and Moderna launching tests of vaccines against UK COVID variant — 2021 best places to work in medical sales — Amgen/AstraZeneca asthma drug has surprising phase 3 flop — See more on our front page news Stay updated with the latest pharma-related coronavirus news on our new page For other ways agencies are responding and adapting to the pandemic, check out this tracker; and for a frequently updated list of how marketers are responding, click here. “We are working hard to limit the economic impact of the COVID-19 pandemic on our people, while protecting the health of our business as a whole,” a GroupM spokesperson said. Braeburn Pharmaceuticals is developing long-acting medicines for treating opioid addiction. Braeburn Pharmaceuticals: Remote: Updated Oct 1, 2020. About Braeburn Pharmaceuticals Braeburn is a pharmaceutical company dedicated to delivering solutions for people living with the serious, often fatal consequences of opioid addiction. We’ve done everything possible to furlough instead of letting go of staff so that we can bring people back when circumstances improve. “This has included senior salary sacrifices and other cost-saving measures. "We're using all levers possible to protect jobs and be ready to ramp up in [the third quarter] when the economic climate improves.". Those people said Epsilon, Spark Foundry, Hawkeye and Arc Worldwide were amongst the agencies affected by these measures. "Our priority is on those we're parting with as we adjust our business in real time, our existing clients and teams. As businesses remain closed, events shut down and a significant portion of advertising is put on pause due to the coronavirus pandemic, agencies and holding companies have begun implementing layoffs and furloughs, among other cost-cutting measures. Accenture Interactive-owned Droga5 has confirmed it cut 7 percent of its U.S. staff. A top down, bottom up culture isn't just preached, it's lived. The agency did not say how many employees were affected. Share a Photo. "Droga5 has made the decision to transition out a number of our people as we continue managing our business for the long term to best serve our clients," an agency spokesperson said in a statement to Ad Age. Those people say senior executives have also taken a pay cut and the agency has frozen new hires and raises. Braeburn Pharmaceuticals, which is commercializing a long-acting implant for treatment of opioid addiction, withdrew its plans for an initial public. 1 day 4 hours ago, By - The Company's mission is to advance a portfolio of next-generation therapies, with individualized dosing regimens and delivery options, to address the escalating disease burden of addiction faced by patients and healthcare professionals. - 1 day 4 hours ago, By Adweek first reported the news, saying that there were also layoffs that hit certain agencies and that the holding company set benchmarks for the measures that varied among the individual shops. "How long this will last seems to be anybody’s guess, so we have had to make some hard choices. Some received bad news graciously. BBDO Worldwide laid off two of its top execs—New York Chief Creative Officer Greg Hahn and Exec VP-Director of Integrated Production Dave Rolfe—and Ad Age has learned other Omnicom agencies including TBWA, Zimmerman and DDB were impacted as well. One of the biggest challenges I overcame at Braeburn occurred within my first few months of employment. VaynerMedia had previously laid off about 5 percent of staff in April, due to the coronavirus pandemic. "COVID-19 continues to impact all of us," a TBWA spokesperson said. Braeburn Pharmaceuticals, Inc. (BBRX) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. The move reverses a prior management declaration to staff in March that no job losses would take place due to the pandemic. BBH employs 112 full-time employees in the U.S. BBH is the first Publicis Groupe agency to confirm layoffs related to the pandemic. The company has also furloughed 5 percent of its global workforce and terminated an additional 3 percent.". "The company has taken steps to protect its business and global workforce amidst the global pandemic," a statement from Wasserman read. (2017, June 05). "We’re grateful for the work of each of the very talented people leaving us and their contributions to shaping this iteration of R/GA. One person close to the matter told Ad Age that the furloughs were put in place for one quarter. Unfortunately, despite these efforts, in some markets we will have to make staff reductions and part ways with talented employees. “No one is immune from the impact and, consequently, in response to a tough business context caused by the coronavirus directly impacting our clients, we have had to let a number of people go—22. Through this, we’re committed to treating any impacted colleagues with the respect and consideration that they deserve, we thank them for their contribution and we will do what we can to support them as they transition to their next chapter. “The total number of job losses at Golin is under 5 percent of our staff. Everything we think, say and do is with our patients in mind. Adrianne Pasquarelli 16: Burberry debuts a mesmerizing, modern take on 'Singin' in the Rain', Allstate's 'Mayhem' among the brand characters sidelined in 2020, Shiner beer names new agency after Richards Group exit, How marketers responded to the coronavirus in the first three months, A regularly updated list of how agencies are responding to coronavirus, - Read additional free articles each month, - Comment on articles and featured creative work, - Get our curated newsletters delivered to your inbox. Johannes Leonardo confirmed it laid off a portion of staff on April 30. We aim to reduce stigma by raising awareness that opioid use disorder (OUD) is a chronic brain disease best treated by evidence-based medication. A top down, bottom up culture isn't just preached, it's lived. "No one has been above the profound impact that COVID-19 has had on our industry, including us," an agency spokesperson said. Throughout the office the patient is front and center and keeps everyone focused on the goal. Havas Group confirmed it laid off between 150 and 200 people across mainly its U.S. offices in Chicago, Boston and New York, blaming client spending cuts due to the pandemic. Unfortunately, this led to the difficult decision of making some additional staff reductions.”. Our people are our most valuable asset and we feel for them as well as everyone affected by this situation around the world.”. Dentsu Aegis Network confirmed that it has initiated salary reductions and furloughs across the holding company and its individual agencies, which include 360i, mcgarrybowen, Carat, Isobar and iProspect. Adrianne Pasquarelli Ann-Christine Diaz However, one person close to the situation told Barker that 5 percent of U.S. employees were laid off. Braeburn Pharmaceuticals, a 4-year-old Princeton, N.J., company developing drugs with specialized delivery technologies to improve treatments for mental illness, pain and addiction, plans to invest nearly $20 million over five years to establish a manufacturing and R&D hub in the Morrisville corner of Durham County that will create 52 new jobs.. "All of those affected will be provided severance benefits. Longtime Chief Operating Officer Dara Lynch will assume Burgoyne's responsibilities. One person close to the business estimates that 50 to 75 people were cut. Trending now. - 1 day 21 hours ago, By “At VaynerMedia, we are doing our best to adjust to our clients’ needs and the reality of the situation. See All Photos See All. ", In its first-quarter earnings report, WPP said it had recently implemented further cost-cutting measures including reducing "headcount in certain areas." NASDAQ 0.00%. Together with counseling and support, Braeburn’s next generation medicines are developed with an aim to support patients with OUD as they focus on … Business Insider, which first reported the layoffs, said the cuts were concentrated in the agency's New York headquarters and affected about 40 people across all levels and departments. "COVID-19 has had a profound impact on the global business landscape," Neil Munn, group CEO of BBH, said in a statement. Braeburn Photos + Add Photo. He serves as Chairman of the Board of Lantheus Holdings, Inc. and is on the board of directors of Avista Healthcare Public Acquisition Corp., National Spine and Pain Centers, LLC and Braeburn Pharmaceuticals, Inc. After being employed with the company for only 9 days, I found myself faced with answering questions about how Braeburn’s product is made, what controls are in place and what studies were done to support an NDA approval. Independent agency Wieden+Kennedy, which had been on a new business tear before the pandemic, is laying off 11 percent of worldwide staff due to client cutbacks, Ad Age has learned. By He added that "senior executives including myself will take some significant [salary] reductions in order to maintain responsible [staff] reductions.". There are no words to soften the pain inflicted on the people most directly affected by this situation.". A free inside look at Braeburn salary trends based on 9 salaries wages for 8 jobs at Braeburn. WPP's Grey will be furloughing about 3.5 percent of its staff in New York, Ad Age has learned. Giant Spoon said that it has been "forced to halt production on several 2020 experiential projects." He continued, "Unfortunately, reductions in staffing levels are also taking place in certain areas of the business. A top down, bottom up culture isn't just preached, it's lived. The next generation proprietary FluidCrystal® Injection Depot Technology used in the subcutaneous injection of CAM2038 includes a lipid-based liquid with a dissolved active ingredient. - Unfortunately, this has led to the difficult decision to make some staff reductions across certain areas of the agency, based on business needs. "As we navigate through this, we are taking a series of steps to ensure we can appropriately support our clients as well as the long-term vitality of the agency. Prior to joining King Pharmaceuticals, Inc., Mr. Markison held various senior leadership positions at Bristol-Myers Squibb. "We negotiated this as long as we could, but W+K and COVID-19 have reached an impasse," the agency said in a statement. The furloughs, the spokesperson told Ad Age, were implemented "as a means to protect jobs and safeguard livelihoods.". The actions we have taken include cutting discretionary costs, salary reductions, shortened workweeks and, as of today, furloughs and staff reductions. The person also said the layoffs were "isolated agency measures" versus holding company-wide and that many agencies did not undergo any layoffs. Real-time trade and investing ideas on Braeburn Pharmaceuticals BBRX from the largest community of traders and investors. “We are deeply saddened to have made the decision to reduce our full-time headcount," an agency spokesperson said in a statement. We are grateful for the contributions of our colleagues who are leaving us this week and will be doing all we can to support them during this transition.". Chris Beresford-Hill If you have news to share on this topic, email [email protected]. "In doing so: [Founder and CEO] Casey Wasserman has forfeited his salary and his executive leadership has eliminated bonuses and deferred salaries. While there is great sadness in any of our agencies reaching this point, we have great confidence in the future.”. In my pharma career I've never felt more valued and included in … The spokesperson said less than 2 percent of staff was cut in the latest round. IPG's R/GA confirmed that it laid off 10 percent of employees as well as furloughed "some staff" across its U.S. offices. Probuphine, developed by venture-backed Braeburn Pharmaceuticals, is an implantable version of buprenorphine, the opioid addiction treatment … Braeburn is a wonderful company at which to work. - Amid the layoffs, D&AD CEO Patrick Burgoyne also “unselfishly volunteered to relinquish his role and step down,” the organization said. Watch. VaynerMedia laid off about 5 percent of staff on Friday, due to pressures on the business from the coronavirus pandemic. The agency behind some of the biggest SXSW activations in recent years, including "Bleed For the Throne" in 2019 and "SXSWestworld" in 2018, said in a statement that "the COVID-19 pandemic has done serious damage to our experiential business," forcing the layoffs. As an intern, I am not discluded from anything; in fact, I am constantly being invited to participate in important meetings because no opinion is considered unworthy. Still, people close to the matter said cost-cutting measures including furloughs and salary cuts were carried out across the holding company. In addition, most people in the New York office have taken a temporary 10 percent pay cut, including founding partners, partners, department heads and all group leaders.”, He added, “It sucks, but being naive or in denial would suck more. 4 hours 33 min ago, By This is the right time to come to Braeburn. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. MullenLowe declined to comment. Retrieved December 17, 2018, from https://www.nytimes.com/interactive/2017/06/05/upshot/opioid-epidemic-drug-overdose-deaths-are-rising-faster-than-ever.html?module=inline. "As a result of COVID-19 business impacts, we are activating a set of cost-saving measures across the company to ensure business continuity and to safeguard our people’s livelihoods around the world. Braeburn Pharmaceuticals. This is a continually updated blog dedicated to tracking the agencies that have undergone furloughs and staff cuts. - 1 month 2 weeks ago, By All of the laid off employees will receive six months of healthcare coverage, according to the agency. “However, as this global pandemic continues to impact our industry, we are having to adjust our business accordingly. It is unclear exactly when the layoffs occurred but the news comes after Ad Age learned Publicis Groupe implemented staff cuts, furloughs and salary reductions last week across several of its agencies, including Epsilon, Spark Foundry, Hawkeye and Arc Worldwide. We consider our people to be our greatest strength and are doing everything we can to ensure we have a healthy and sustainable business for them and our clients after this crisis passes.”. "Since the coronavirus outbreak, Dentsu Aegis Network’s primary priority has been to protect our people, preserve and nurture our client relationships and to support the local economies and communities in which we operate," the Dentsu Aegis Network spokesperson said. We want to thank all of those impacted for their incredible contribution to our agency.”. Alexandra Jardine This is a necessary step so that we may continue to offer our clients the best service while planning for the future. Interpublic Group of Cos.' MullenLowe has cut 10 percent of its U.S. staff due to financial difficulties related to the coronavirus pandemic, Ad Age has learned. News | Careers | Terms of Service | Privacy Policy, © 2020 Braeburn Inc. All rights reserved. It's simple to set up. Laid off employees will receive three months' extended healthcare, according to people familiar with the matter. Rooms Rankings Earnings Calendar Shop. Over 3,000 people with salaries above certain levels have already committed to give up 10-20% of their salary for an initial three-month period," according to the company. These are difficult decisions made in difficult times. The cuts were initiated today. We are saying goodbye to people that we love. A key part of that plan includes a significant reduction in our staff numbers; and this also means we have had to reconfigure our senior management team.”. Real-Time trade and investing ideas on Braeburn Pharmaceuticals is developing long-acting medicines for treating opioid,! Time, our existing clients and teams these efforts, in some markets we will have be... Are having to adjust to our agency. ” any one of our agencies reaching this point, we saying. To delivering solutions for people living with the matter told Ad Age learned!, confirmed it laid off about 5 percent of U.S. staff difficult decision of making some additional reductions.... 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