On January 27, 2025, Sage Therapeutics announced that its board of directors unanimously rejected the takeover offer it received from Biogen Inc. The proposal involved Biogen acquiring all outstanding shares of Sage Therapeutics it did not already own for $7.22 per share, valuing the deal at approximately $469 million.
Sage Therapeutics stated that its board, in consultation with independent financial and legal advisors, carefully reviewed and evaluated Biogen's unsolicited, nonbinding proposal. The decision to reject the offer indicates that Sage's board believes the proposal does not align with the best interests of the company and its shareholders.
Following the rejection, Sage Therapeutics announced its intention to explore strategic alternatives. This outcome means Biogen's attempt to consolidate its stake in Sage Therapeutics has been unsuccessful, potentially requiring Biogen to reassess its strategy for assets previously developed in collaboration with Sage.
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