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Sage Therapeutics to Implement a 40% Workforce Reduction

Key highlights:

Sage Therapeutics, Inc announced late last week plans to reorganise its business operations and pipeline priorities to support goals for long-term business growth, including the planned commercial launch of ZURZUVAE for women with postpartum depression (PPD) in late 2023.

“Our goal is to think big, start small and scale fast as we look to launch ZURZUVAE and help women suffering with PPD​. Executing on launch and our potential long-term growth catalysts requires us to allocate resources strategically,” said Barry Greene, Chief Executive Officer at Sage Therapeutics. “Part of our efforts to become a leaner and stronger company means having to reorganise our workforce. The departing employees contributed so much to our mission and I’m grateful for their incredible dedication to helping patients. Our business fundamentals are strong, we are well capitalised, and our goal is to put Sage in a solid position to optimise commercial execution and develop our pipeline with the goal of significant value creation.”

Following a strategic review, the company will:

The changes to Sage’s leadership team are designed to help support the company’s future priorities. Al Robichaud, Sage’s Chief Scientific Officer since its founding in 2011, has decided to depart Sage. Al will remain as a scientific consultant and member of Sage’s Medicinal Chemistry and Pre-Clinical Scientific Advisory Boards. Mike Quirk will be promoted from SVP of Discovery Research to Chief Scientific Officer. In his new role, Dr. Quirk will lead Sage’s Research and Non-Clinical Development organisations. Jim Doherty, Chief Development Officer, also a founding member of Sage, will leave the company to pursue new opportunities.

Both Dr. Robichaud and Dr. Doherty were pivotal in the development of the scientific platforms that established the company’s robust brain health pipeline. Both leaders played key roles in helping move the company’s two approved compounds from early discovery through approval. Laura Gault, Chief Medical Officer, will assume Dr. Doherty’s responsibilities.

Chris Benecchi, Chief Business Officer, will oversee Medical Affairs following the departure of Mark Pollack, SVP of Medical Affairs who is leaving to pursue new opportunities. Dr. Pollack is a recognised thought leader in the psychiatric field and made significant contributions to Sage’s medical thought leader engagement strategy since joining Sage over a year ago.

“Our new Chief Scientific Officer, Mike, has been with Sage for almost a decade and will apply his deep knowledge of our science and relentless commitment to innovation on behalf of patients,” added Mr. Greene. “I also want to express my sincere gratitude for the exceptional impact that Al, Jim, and Mark have made for the company and for patients. Al and Jim have been with us from the very beginning and have inspired us all to push forward in some of the most challenging and rewarding areas of drug discovery and development.”

The reorganisation plan is intended to enable Sage to strengthen its balance sheet and position the company for long-term growth potential. Based on the post-reorganisation operating plan which includes Sage’s pipeline prioritisation, workforce reduction, and additional incremental commercial hires, the company expects:

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