Sage is laying off half of its workforce
Sage Therapeutics, a drug company pivoting from a costly setback, is laying off 53% of its employees in an effort to cut costs.
The company said yesterday that it will cut 340 jobs as part of an effort to save about $170 million a year. The news comes about a month after Sage plotted a path forward from a disappointing clinical trial result that cut more than $6 billion from its market value and dampened expectations for SAGE-217, an oral treatment for depression.
The plan now is to start three new studies that, if successful, could see SAGE-217 approved in 2022. In the meantime, the bulk of the company’s cost cuts will affect the marketing of Zulresso, an intravenous treatment for postpartum depression that has had a slower-than-expected commercial launch since winning FDA approval in 2019.
The company said yesterday that it will cut 340 jobs as part of an effort to save about $170 million a year. The news comes about a month after Sage plotted a path forward from a disappointing clinical trial result that cut more than $6 billion from its market value and dampened expectations for SAGE-217, an oral treatment for depression.
The plan now is to start three new studies that, if successful, could see SAGE-217 approved in 2022. In the meantime, the bulk of the company’s cost cuts will affect the marketing of Zulresso, an intravenous treatment for postpartum depression that has had a slower-than-expected commercial launch since winning FDA approval in 2019.
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