STAT+: Sarepta Therapeutics lays off one-third of workforce in drastic cost-cutting move
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Sarepta Therapeutics laid off more than one-third of its workforce, or approximately 500 employees, the company announced Wednesday \u2014 a drastic cost-cutting move following the deaths of two teenagers<\/a> that forced the company to restrict usage of its gene therapy for Duchenne muscular dystrophy.<\/p>\n Alongside the cuts, the company also announced it was shifting much of its research, including pausing work on several gene therapies it had in development for limb-girdle muscular dystrophies, a collection of rarer and generally slower-moving diseases. The company said the move will save the company around $400 million per year, lower operating expenses, and boost cash flow sufficient to maintain access to an existing loan agreement.<\/p>\n Three of Sarepta\u2019s top executives, including its No. 2 executive Ian Estepan, received promotions and salary increases, according to a filing with the Securities and Exchange Commission that accompanied the company\u2019s announcement of employee layoffs. <\/p>\n Continue to STAT+ to read the full story\u2026<\/a><\/p>\n<\/div>\n