Sage to lay off half of workforce in cost-cutting retrenchment
Sage Therapeutics will lay off a little over half of its roughly 650-person workforce as they redirect resources towards their experimental treatment for depression.
Just nine months ago, the company was worth nearly $10B, with high expectations that its drug, zuranolone, could be a fast-acting and safe antidepressant. However, negative results from a key late-stage study forced Sage to redraw its development plans for zuranolone in March. The biotech aims to launch three new clinical trials to gather new data for an application to the FDA.
