A Massachusetts biotechnology company developing drugs to treat postpartum depression will lay off its staff of more than 300 after being purchased by another firm.
Sage Therapeutics, founded in Cambridge in 2010, announced the acquisition by Rockville, Maryland-based Supernus Pharmaceuticals last month. On June 26, the company filed a Massachusetts Workers Adjustment Retraining Notice with the state announcing the layoffs, which are expected to affect 338 people and take effect Aug. 22.
According to the company website, Sage Therapeutics' drug Zurzuvae is the first and only treatment for postpartum depression approved by the U.S. Food and Drug Administration on the market.
"Since our founding, Sage Therapeutics has been committed to pioneering new solutions in brain health, one of the most complex and underserved areas of medicine," said Sage CEO Barry Greene in a June 16 press release announcing the sale of the company. "I want to express my deepest gratitude to the Sage team for their unwavering commitment to brain health and improving the lives of patients. We look forward to our next chapter with Supernus."
Supernus is expected to pay $561 million for the acquisition, which is expected to close in the third quarter of this year.
The Maryland pharmaceutical company specializes in drugs to treat diseases of the central nervous system, including attention-deficit hyperactivity disorder, epilepsy, migraines, side effects of Parkinson's disease and others.
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