Sage Therapeutics Rejects Biogen Offer

In late January, Sage Therapeutics announced that its Board of Directors had unanimously rejected the unsolicited, nonbinding proposal it received from Biogen after concluding that the proposal significantly undervalues Sage and is not in the best interest of its shareholders. (Biogen had offered to acquire all outstanding shares of Sage for $7.22 per share.) In addition, the Board stated that it intends to evaluate a broad range of opportunities to maximize value for shareholders, including but not limited to a potential strategic transaction, business combination or sale.

Sage has not set a timetable for the review process, nor has it made any decisions related to any potential strategic alternatives at this time. There can be no assurance that the company’s strategic review process will result in any transaction or other strategic outcome. Sage does not intend to disclose further developments on this strategic review process unless and until it determines that such disclosure is appropriate or necessary. While the Board conducts its review, Sage remains focused on the goal of establishing Zurzuvae as the standard of care for women with postpartum depression.

Sage developed the only two FDA-approved treatments indicated for postpartum depression and is advancing a pipeline to target unmet needs in brain health. Sage was founded in 2010 and is headquartered in Cambridge. (Source: Sage Therapeutics Website, 27 January, 2025)