Sage Therapeutics (SAGE) is cutting 338 jobs, or the majority of its workforce, after the biotech company agreed to be acquired by Supernus Pharmaceuticals (SUPN), according to government filings in Massachusetts and media reports.
Sage employed 98 people in research and development and 240 in general and administrative roles, the media reports said. The job cuts, effective Aug. 22, were disclosed in a Worker Adjustment and Retraining Notification notice filed on June 26.
On June 16, Supernus agreed to buy Sage for up to $795 million in cash. The deal includes an upfront payment of $8.50 a share, or $561 million, and a non-tradable contingent value right worth up to $3.50 a share, or $234 million, tied to future milestones.
The deal is expected to close in Q3.
Sage and Supernus didn't immediately respond to requests for comment by MT Newswires.
Sage shares fell 0.4% in recent trading Tuesday, and Supernus rose 1.3%.
Price: 9.08, Change: -0.04, Percent Change: -0.44
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