Sage Therapeutics’ latest attempt to shrink its pipeline and workforce will see a third of the biotech’s employees heading for the exits along with a swath of the company's leadership.
At least 165 employees will be laid off, including 55% of the R&D workforce, the company said in an Oct. 17 release. Amy Schacterle, Ph.D., senior vice president of R&D strategy and business management, will be joining them along with C-suite colleagues like General Counsel Anne Marie Cook, Chief Financial Officer Kimi Iguchi and Chief Technology and Innovation Officer Matt Lasmanis.
The changes are expected to be complete by the end of the year, resulting in costs of somewhere between $26 million and $28 million. Sage, which ended June with $647 million at hand, said the restructuring would extend its cash runway but didn’t go into further details.
https://www.fiercebiotech.com/biotech/sage-lays-half-rd-team-and-shakes-c-suite-again