Having surrendered the rights to linzagolix, its GnRH antagonist for bleeding associated with uterine fibroids that the FDA blocked, ObsEva is showing the door to most of its staff in a bid to cut costs and keep in business.

The Swiss drug maker will initiate a "mass dismissal" and return rights to its lead drug candidate after the US FDA alerted the company to NDA deficiencies.

The deal will help MorphoSys focus on lifting lackluster Monjuvi sales, and on bringing its promising myelofibrosis candidate pelabresib to market.

A NASDAQ listing has been the pinnacle for non-US biotech companies because it brings access to more specialist investors and a larger capital base. But the appetite for – and aftermarket performance of – this biotech tourism is cycle-dependent.