Sage Therapeutics Shares Slide Premarket After Zurzuvae MDD Setback
07 August 2023 - 10:18PM
Dow Jones News
By Colin Kellaher
Shares of Sage Therapeutics tumbled more than 45% in premarket
trading Monday after the U.S. Food and Drug Administration rejected
a key use for the biopharmaceutical company's depression drug with
partner Biogen.
Sage and Biogen were seeking FDA approval of Zurzuvae, a
fast-acting depression drug, for major depressive disorder, or MDD,
and postpartum depression.
The agency late Friday gave a green light to Zurzuvae in
postpartum depression but declined to approve the drug in the much
larger indication of MDD, saying more studies were needed.
Biogen and Sage, both based in Cambridge, Mass., late Friday
said they were reviewing their next steps for Zurzuvae in MDD, and
Sage on Monday said it is evaluating steps to extend its cash
runway, including a pipeline prioritization and a workforce
reorganization.
Sage shares, which closed Friday at $36.10, were recently down
nearly 47% to $19.24 in premarket trading, while shares of Biogen
slipped 3% to $261.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 07, 2023 08:03 ET (12:03 GMT)
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