Sage Therapeutics to lay off more than 165 employees (updated)

Sage Therapeutics

17/10/2024 12:22

(Adds details on reorganization and charge in paragraphs 2-4)
       Oct 17 (Reuters) - Sage Therapeutics  SAGE.O  said on
Thursday it will lay off more than 165 employees, or about 33%
of the company's total workforce, as part of a reorganization
plan.
    The drugmaker plans to prioritize the launch of postpartum
depression treatment Zurzuvae, that has been jointly developed
with Biogen  BIIB.O .
    Sage will also focus on developing its experimental drug
dalzanemdor for Huntington's disease, which causes nerve cells
in the brain to decay over time.
    The company said it expects a non-recurring charge of about
$26 million to $28 million associated with the reorganization,
that will primarily be incurred in the fourth quarter of 2024.

 (Reporting by Sriparna Roy in Bengaluru; Editing by Shounak
Dasgupta)
 ((Sriparna.Roy@thomsonreuters.com))