Shares of struggling drug developer Sarepta Therapeutics skyrocketed nearly 40% in extended trading Wednesday after the company unveiled a major restructuring plan.

Sarepta Therapeutics (NASDAQ:SRPT) saw its stock rise in after-hours trading following the announcement of a strategic review that will lead to a workforce reduction of approximately 500 employees, equating to a 36% decrease in staff.

The gene-therapy company is restructuring, laying off 36% of its workforce and making changes to its executive team.