Blasted by PhIII failure, a struggling Sage axes 340 staffers and bunkers down to survive the storm
Four months after the critical failure of a closely-watched Phase III study, Sage Therapeutics is bringing out the ax to execute a major restructuring.
Out go 340 staffers, slightly more than half of the workforce at the biotech. Most of those job cuts are being focused on their Zulresso (brexanolone) CIV injection commercial operation and “related SG&A support functions.”
The company $SAGE is circling the wagons around existing sites where they dose Zulresso, abandoning any plans to expand while essentially relegating the therapy to novelty status. Mizuho reduced its peak sales estimate to $20 million. And Sage is doubling down on their failed depression drug, where the real upside lay.
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