<ul><li>IGM Biosciences has closed a significant number of labs and offices and cut 80% of its workforce due to Sanofi ending their partnership.</li><li>With the loss of a major partner, IGM is looking to reduce costs and save cash, leading to organizational reorganization.</li><li>The biotech firm had around 150 full-time employees in 2024, reduced to only about seven after the recent job cuts.</li><li>Sanofi and IGM's partnership involved co-development of IGM antibody agonists, but the agreement was altered in April 2024, limiting the number of targets.</li></ul>

Why did IGM Biosciences close its labs & cut 80% of workforce?

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