Sage Therapeutics Rejects Biogen’s Takeover Offer
Sage Therapeutics announced that its board of directors has unanimously rejected the proposal it received from Biogen on Jan. 10, 2025, to acquire all outstanding shares of Sage not already owned by Biogen for $7.22 per share, representing an equity value of about $469 million.
In addition, Sage announced that its board has initiated a process to explore strategic alternatives for the company. 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 stated that it has not set a timetable for the review process, nor has it made any decisions related to any potential strategic alternatives at this time. The company does not intend to disclose further developments on this strategic review process unless necessary.
While the company’s board conducts its review, Sage wants to remain focused on establishing Zurzuvae, which it co-developed with Biogen, as the standard of care for women with postpartum depression (PPD).
