Sage Therapeutics gets acquired by Maryland drugmaker for up to $795 million
The deal comes after Sage
'We have a proven track record of strong commercial execution, and we look forward to building on ZURZUVAE's U.S. growth momentum and collaboration with Biogen, so that more women with postpartum depression can benefit from this novel treatment,' Supernus president and CEO Jack Khattar said in the news release.
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But the FDA in 2023 did not approve Sage's and Biogen's request to clear Zurzuvae to treat major depressive disorder, a much more prevalent condition. That was a major setback for the companies. In August 2023, Sage
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Supernus will acquire Sage for $8.50 per share — approximately $561 million — plus an additional $3.50 per share if it reaches certain milestones, for a total of up to $795 million, according to the release.
Sage was founded in 2010 to focus on brain diseases, and had its initial public offering in 2014.
Stella Tannenbaum can be reached at
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SAGE to be Acquired by Supernus Pharmaceuticals in $795 Million Deal
Sage Therapeutics SAGE announced that Supernus Pharmaceuticals SUPN has agreed to acquire SAGE through a tender offer of $8.50 per share in cash, totaling around $561 million. Additionally, shareholders will receive a non-tradable contingent value right (CVR) worth up to $3.50 per share, bringing the total potential value of the deal to $12 per share in cash, or approximately $795 million. The CVR will be paid if certain sales and commercial milestones are met. The transaction is expected to be closed in the third quarter of 2025, subject to customary closing conditions. Shares of Sage Therapeutics rose 35.4% on Monday following the announcement of the deal with SUPN. The offer price represented a premium of almost 32% on Sage Therapeutics' closing price of $9.07 on June 16. Year to date, shares of SAGE have rallied 23.4% against the industry's decline of 0.8%. Image Source: Zacks Investment Research The potential acquisition would provide SUPN rights to SAGE's new depression drug, Zurzuvae (zuranolone), the first and only oral treatment indicated for adults with postpartum depression (PPD). The drug was approved in August 2023 and commercially launched in December 2023. SAGE markets Zurzuvae in partnership with drug giant Biogen BIIB. Sage Therapeutics and Biogen equally share profits and losses for the commercialization of Zurzuvae in the United States. In ex-U.S. markets, Biogen records product sales (excluding Japan, Taiwan and South Korea, where Shionogi holds the rights) and pays royalties to SAGE. Following the latest turn of events, Supernus will recognize collaboration revenues that are 50% of Biogen's U.S. net sales of Zurzuvae. SAGE's collaboration revenues from the sale of Zurzuvae were $13.8 million in the first quarter of 2025 and $36.1 million in 2024. The initial uptake of Zurzuvae has exceeded expectations. The acquisition of Sage Therapeutics is likely to complement Supernus' diverse neuroscience portfolio, which includes approved treatments for attention-deficit hyperactivity disorder, dyskinesia in Parkinson's disease, epilepsy and other central nervous system disorders. SUPN expects the deal to be significantly accretive in 2026 and to further diversify its revenue base. Sage Therapeutics previously rejected a takeover proposal from Biogen to acquire the remaining shares of SAGE in January 2025. Per Sage Therapeutics, the offer significantly undervalued the company and was not in the best interest of shareholders. Biogen made an acquisition offer to buy the remaining shares of SAGE that it did not already own for $7.22 per share in January. The offer price represented a premium of 30% on Sage Therapeutics' closing price of $5.55 on Jan. 10. Per a SEC filing by the company, Biogen owns a 10.2% stake in SAGE. It can be inferred that Supernus has outbid Biogen to acquire Sage Therapeutics. Sage Therapeutics currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Biogen Inc. (BIIB) : Free Stock Analysis Report Supernus Pharmaceuticals, Inc. (SUPN) : Free Stock Analysis Report Sage Therapeutics, Inc. (SAGE) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research 登入存取你的投資組合
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H.C. Wainwright sees potential competition for Sage from Biogen
H.C. Wainwright analyst Douglas Tsao says that while a takeover of Sage Therapeutics (SAGE) comes as no surprise, but a deal with Supernus (SUPN) is unexpected, and 'leaves open the door for additional competition.' The merger agreement includes a 'modest' breakup fee of just $22.4M payable to Supernus in the event Sage accepts a superior offer, the analyst tells investors in a research note. The firm believes the 'relatively modest breakup fee' would not dissuade Biogen (BIIB) from pursuing a bid for Sage 'if it is inclined to do so.' Biogen would have no need for a pitch book or to conduct extensive due diligence because it works alongside Sage in commercializing Zurzuva, contends H.C. Wainwright. The firm reiterates a Neutral rating on Sage with a $12 price target. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today's best-performing stocks on TipRanks >> Read More on SAGE: Disclaimer & DisclosureReport an Issue Sage Therapeutics price target raised to $9 from $8 at Truist Hold Rating on SAGE Therapeutics Amid Uncertainty and Acquisition Developments Sage Therapeutics price target raised to $8.50 from $8 at Canaccord Hold Rating on SAGE Therapeutics Amid Acquisition Offer and CVR Uncertainties Sage Therapeutics moved to No Rating at BofA Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
