SAGE Therapeutics (SAGE) said Thursday it is cutting its workforce by 165 employees as part of a business reorganization, which it said it expects to be completed by the end of the year.
The biopharmaceutical company said the cuts equate to approximately 33% of its total workforce and approximately 55% of its research and design team.
SAGE also said it expects a non-recurring charge of approximately $26 million to $28 million related to the reorganization, most of which it said it will incur in Q4.
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