Biotech Sector Update: Layoffs at Lyra Therapeutics, FDA Approvals for Sanofi's Teizeild and Fortress Biotech's ZYCUBO, and Boston Scientific's Acquisition of Penumbra for $14.5 Billion.

Lyra Therapeutics has cut its workforce by 28 employees and halted development of its lead product LYR-201 for chronic rhinosinusitis. Sanofi received EU approval for Teizeild in stage 2 type 1 diabetes, while Sandoz secured EU approval for Ondibta in diabetes. Fortress Biotech received FDA approval for ZYCUBO, the first US treatment for Menkes Disease. Boston Scientific agreed to acquire Penumbra for $14.5 bln.