Shares of Sage Therapeutics are worth less than half of what they were late last week, after an approval decision for the company’s most closely watched medicine sharply limited its potential market.
On Friday, the Food and Drug Administration cleared the medicine, known scientifically as zuranolone, as the first oral therapy for postpartum depression. However, the agency rejected Sage and partner Biogen’s request to also approve zuranolone for a far more common condition: major depressive disorder, or MDD.
