Biogen Proposes $442 Million Acquisition of Sage Therapeutics at $7.22 Per Share, Offering 30% Premium as Stock Jumps 35%

Jan 13, 2025, 10:30 AM

Biogen Inc. ($BIIB) has made a nonbinding acquisition proposal to Sage Therapeutics ($SAGE), offering $7.22 per share, which represents a 30% premium over Sage's recent trading price. The total value of the proposed acquisition amounts to approximately $442 million. Following the announcement, Sage Therapeutics' stock surged by 35%, reflecting investor optimism regarding the potential deal. Biogen's CEO, Chris Viehbacher, indicated that the company is actively seeking opportunities in the biotech sector, stating, 'We will be doing deals.' While he did not confirm specific targets, he was asked about the possibility of acquiring Stoke Therapeutics, which is preparing for Phase 3 trials for its treatment of Dravet syndrome. The ongoing discussions and market reactions are expected to be highlighted during the upcoming JPMorgan Healthcare Conference.