Sage Therapeutics To Reorganize Business Operations, Pipeline Priorities; To Slash 40% Workforce

RTTNews | Pred 717 dňami
Sage Therapeutics To Reorganize Business Operations, Pipeline Priorities; To Slash 40% Workforce

(RTTNews) - Sage Therapeutics, Inc. (SAGE) announced on Thursday plans to reorganize its business operations and pipeline priorities to support goals for long-term business growth.

These include the planned commercial launch of ZURZUVAE for women with postpartum depression (PPD) in the fourth quarter of 2023 and expected data read-outs for SAGE-718 and SAGE-324 in 2024.

The company will also implement an approximately 40 percent workforce reduction to support its focus on agile execution of business priorities. This will help right-size the organization and align its leadership team structure to scale with pipeline and commercial priorities.

The reorganization plan is intended to enable Sage to strengthen its balance sheet. The company expects annualized net savings of approximately $240 million, of which 60% is related to R&D, to extend cash runway into 2026.

It also expects a non-recurring charge of approximately $36 million to $38 million associated with the reorganization, primarily incurred in the third quarter of 2023.

Additionally, there is the potential to earn a milestone payment of $75 million from Biogen related to the first commercial sale of ZURZUVAE for the treatment of PPD.

read more
Euro Higher Against Majors

Euro Higher Against Majors

The euro appreciated against its major counterparts in the New York session on Friday.
RTTNews | Pred 1 dňom
TSX Down Marginally In Lackluster Trade

TSX Down Marginally In Lackluster Trade

Canadian stocks are turning in a mixed performance in somewhat lackluster trade on Friday, with investors focusing on the upcoming US - Russia summit that could help end the war in Ukraine.
RTTNews | Pred 2 dňami
Swiss Market Ends On Firm Note

Swiss Market Ends On Firm Note

The Switzerland market ended on a firm note on Friday with stocks from across several sectors gaining ground on sustained buying support. The mood remained positive right through the day's session, amid some expectations about an end to the Ukraine war.
RTTNews | Pred 2 dňami
European Stocks Close Mixed After Cautious Session

European Stocks Close Mixed After Cautious Session

European stocks closed on a mixed note on Friday with investors largely staying cautious, awaiting the meeting of the Presidents of the U.S. and Russia, and continuing to assess Trump administration's tariff moves and their impact on global economic growth.
RTTNews | Pred 2 dňami
U.S. Business Inventories Rise In Line With Estimates In June

U.S. Business Inventories Rise In Line With Estimates In June

A report released by the Commerce Department on Friday showed business inventories in the U.S. increased in line with economist estimates in the month of June. The Commerce Department said business inventories rose by 0.2 percent in June after coming in unchanged in May. The uptick matched expectations.
RTTNews | Pred 2 dňami
U.S. Consumer Sentiment Unexpectedly Deteriorates In August

U.S. Consumer Sentiment Unexpectedly Deteriorates In August

Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of August, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index fell to 58.6 in August from 61.7 in July. Economists had expected the index to inch up to 62.0.
RTTNews | Pred 2 dňami
U.S. Industrial Production Pulls Back Slightly In July

U.S. Industrial Production Pulls Back Slightly In July

A report released by the Federal Reserve on Friday showed a modest decrease by U.S. industrial production in the month of July. The Fed said industrial production edged down by 0.1 percent in July after climbing by an upwardly revised 0.4 percent in June. Economists had expected industrial production to come in unchanged.
RTTNews | Pred 2 dňami
New York Manufacturing Index Unexpectedly Climbs To Nine-Month High In August

New York Manufacturing Index Unexpectedly Climbs To Nine-Month High In August

The Federal Reserve Bank of New York released a report on Friday showing regional manufacturing activity unexpectedly grew at a faster rate in the month of August. The New York Fed said its general business conditions index climbed to 11.9 in August from 5.5 in July, with a positive reading indicating growth. Economists had expected the index to fall to 0.5.
RTTNews | Pred 2 dňami