SEPTEMBER 15, 2023 — 40% OF THE COMPANY’S WORKFORCE, APPROXIMATELY 290 EMPLOYEES TARGETED
Sage Therapeutics committed to a plan to reorganize the company’s business operations and pipeline priorities in order to support goals for long-term business growth. As part of the reorganization, the Company plans to focus its development efforts on its product candidates SAGE-718 and SAGE-324, pause certain earlier-stage programs, implement a reduction of the Company’s workforce by approximately 40%, and align its leadership team structure to scale with its pipeline and commercial priorities.”
The decision was driven by the FDA’s decision to not approve Sage’s clinical depression drug.
APRIL 15, 2020 — Original post…
Cambridge, Massachsetts-based Sage Therapeutics, a company developing novel therapies for brain disorders, has announced that it will be laying off approximately 340 employees or a reduction in headcount of approximately 53% of the company's workforce. Most are related to the administration and the commercial operations related to the company's postpartum depression drug Zulresso.
According to a company spokesperson, "The headwinds we are facing individually and collectively, along with a recognition of our need to move forward as a company, have led to this difficult decision. We believe this cost reduction and reallocation of resources will help Sage advance our portfolio in a way that is consistent with our mission of delivering medicines that matter to people with serious brain health disorders.”
“Unfortunately, we will be saying goodbye to some of our valued colleagues and I want to thank them for their dedication to always doing what’s best for patients. Moving forward, we are confident that we have a great team that will continue to execute on our multi-franchise strategy. We believe Sage’s mission is more important than ever, especially as mental health issues are coming to the forefront and will continue to have a significant impact, even after the current phase of the pandemic.”
Part of the problem that greatly depressed the company's valuation was the negative results from late-stage trials of the company's fast-acting anti-depressant drug zuranolone. The company will use the savings from the reduction in force to launch additional zuranolone trials in the coming months.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?