BioPharma Dive October 17, 2024
The company’s leadership is also being reshuffled, with five senior executives departing and others taking their place.
Sage Therapeutics is restructuring yet again, announcing Thursday a company shakeup that will involve layoffs for about one-third of its workforce and a reprioritization of its early-stage drug pipeline.
Alongside the cuts, five senior executives will depart, including Sage’s top lawyer, CFO and chief technical officer. Overall, about 165 employees will be affected by the layoffs, more than half of whom are in research.
The restructuring, which Sage expects to complete by the end of this quarter, will extend the company’s operating runway. It follows a series of clinical and regulatory setbacks that have hurt the company’s prospects.
Last year, Sage and partner...
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