Sage to lay off most staff amid Supernus buyout
Sage Therapeutics will lay off 338 employees, the vast majority of its workforce, while in the process of being acquired by Supernus Pharmaceuticals, according to a Massachusetts regulatory filing.
The move comes less than two weeks after Supernus announced it would buy the developer of the postpartum depression drug Zurzuvae for $561 million, a move that one analyst described as an 'unremarkable' outcome for a company that was once worth billions of dollars.
The layoffs will be effective Aug. 22, according to the filing. It is unclear how the layoffs will impact ongoing R&D programs Supernus will acquire as part of its deal to buy Sage.
Sage has seen its share of ups and downs in the 15 years since its launch. The biotech sought to develop medicines for a variety of brain disorders, including epilepsy, Huntington's disease and major depressive disorder. At its peak, Sage commanded a share price of nearly $200 apiece.
It managed to develop and market an intravenous treatment for postpartum depression, Zulresso, but failed to generate notable sales. An oral drug Sage developed next, Zurzuvae, was approved by the Food and Drug Administration in 2023. However, the agency rejected the company's application to permit wider use among people with MDD.
Other hurdles included a string of clinical trial busts with its neurology programs. Last fall, Sage cut one-third of its workforce and, earlier this year, said it would pursue strategic alternatives after rebuffing an offer from Biogen to buy out the struggling company.
Sage employed 353 full-time employees as of the beginning of February, according to an annual filing. Of those, nearly one-third, or 122 employees, were involved in research and development.
Neither Sage nor Supernus responded to BioPharma Dive's request for comment.
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