A Massachusetts biotechnology company is laying off nearly 500 employees, more than a third of its total workforce, as it faces pushback from the U.S. Food and Drug Administration on one of its treatments.
Sarepta Therapeutics, which is headquartered in Cambridge and also has facilities in Andover and Bedford, will cut 493 people from its payroll, according to a Massachusetts Workers Adjustment Retraining Notice filed with the state on July 17, the day before the layoffs were scheduled to go into effect.
In an announcement posted on the company website July 16, Sarepta leaders wrote that the company would undergo a “strategic restructuring” expected to save approximately $400 million annually…