Sage Therapeutics to cut 40% of jobs after depression drug setback

Aug 31 (Reuters) - Sage Therapeutics said on Thursday it would cut its workforce by about 40%, weeks after the U.S. health regulator declined to approve its drug to treat major depressive disorder.

The U.S. Food and Drug Administration (FDA) in early August approved the company and partner Biogen's pill for postpartum depression, but rejected it as a treatment for major depressive disorder, which is a much larger market. (Reporting by Christy Santhosh in Bengaluru; Editing by Shilpi Majumdar)