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Biogen Offers $469 Million for Sage Therapeutics at $7.22 Per Share, a 30% Premium
Jan 10, 2025, 11:25 PM
Biogen Inc. has made an unsolicited nonbinding offer to acquire Sage Therapeutics Inc. for $7.22 per share, valuing the company at approximately $469 million. The offer represents a 30% premium over Sage's closing price, leading to a 34% increase in Sage's stock price during after-hours trading. Sage, known for developing Zurzuvae, the first and only oral drug approved by the FDA for postpartum depression, has confirmed receipt of the proposal. The acquisition comes after Sage has experienced setbacks and a decline in its market value, with recent financials showing a cash burn of about $110 million in expenses against $11 million in revenue for the third quarter of 2024 (3Q24), and a cash balance of approximately $560 million at the end of September 2024.
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