Credit: Gorodenkoff Productions OU/Adobe Stock Sage Therapeutics Axes GC After Drug-Pipeline Failures Force Cost-Cutting
Sage is lopping off one-third of its workforce after one of its experimental drugs failed to prove effective as a treatment for Parkinson's and Alzheimer's diseases.
October 21, 2024 at 02:55 PM
2 minute read
Anne Marie Cook, general counsel of the Camden, Massachusetts-based biopharmaceutical firm Sage Therapeutics for nine years, will step down at the end of this month, part of a massive cost-reduction plan imposed after studies dashed its hopes of marketing the drug dalzanemdor to treat Parkinson's and Alzheimer's diseases, according to an Aug. 14 government filing.
Sage's restructuring plan involves reducing its 487-person workforce by about 33%, resulting in severance payments of as much as $28 million, according to the filing.
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