Just when you thought the tech layoff wave was settling down, Alameda-based biotech darling Exelixis decided to join the corporate culling party. The company, sitting pretty with a cool $10 billion valuation, is cutting 130 employees - because why not, right?

Cancer Drug Kingpins Make Moves

Exelixis, known for its groundbreaking cancer drug cabozantinib, is restructuring faster than a Silicon Valley startup pivot. The layoffs represent about 11% of their workforce, with cuts hitting everything from vice presidents to clinical trial managers. Talk about an equal opportunity downsizing!

The Numbers Game

In a classic corporate move, the company claims this reorganization will help them focus on their Alameda headquarters. Seventy-one California workers and 33 out-of-state employees reporting to California managers are getting the boot. The cuts are set to roll out in late October and November - just in time for holiday job hunting.

Future Looks Bright(ish)

Despite the layoffs, Exelixis isn’t exactly struggling. Their flagship drug is making serious bank, and they’re banking on a new potential blockbuster, zanzalintinib, which recently showed promising results in a colorectal cancer trial. So while 130 employees are cleaning out their desks, the company’s stock is doing just fine, thank you very much.