Sage Therapeutics Board of Directors Initiates Review of Strategic Alternatives and Rejects Biogen’s Unsolicited Acquisition Proposal
Sage Therapeutics (NASDAQ: SAGE) has announced that its Board of Directors has initiated a process to explore strategic alternatives, including potential strategic transactions, business combinations, or sale. The Board has unanimously rejected an unsolicited, nonbinding proposal from Biogen (NASDAQ: BIIB) to acquire all outstanding shares not already owned by Biogen for $7.22 per share, received on January 10, 2025.
The Board concluded that Biogen's proposal significantly undervalues Sage and is not in shareholders' best interests. While conducting the strategic review, Sage remains focused on establishing ZURZUVAE as the standard of care for women with postpartum depression (PPD). The company has not set a timetable for the review process and has not made any decisions regarding potential strategic alternatives.
Sage Therapeutics (NASDAQ: SAGE) ha annunciato che il suo Consiglio di Amministrazione ha avviato un processo per esplorare alternative strategiche, incluse possibili operazioni strategiche, combinazioni aziendali o vendita. Il Consiglio ha unanimemente rifiutato una proposta non richiesta e non vincolante da parte di Biogen (NASDAQ: BIIB) per acquisire tutte le azioni in circolazione non già possedute da Biogen a $7,22 per azione, ricevuta il 10 gennaio 2025.
Il Consiglio ha concluso che la proposta di Biogen sottovaluta significativamente Sage e non è nel miglior interesse degli azionisti. Durante la revisione strategica, Sage rimane concentrata sull'affermazione di ZURZUVAE come standard di cura per le donne con depressione postpartum (PPD). L'azienda non ha fissato un calendario per il processo di revisione e non ha preso decisioni riguardo a potenziali alternative strategiche.
Sage Therapeutics (NASDAQ: SAGE) ha anunciado que su Junta Directiva ha iniciado un proceso para explorar alternativas estratégicas, incluidas posibles transacciones estratégicas, combinaciones de negocios o venta. La Junta rechazó de manera unánime una propuesta no solicitada y no vinculante de Biogen (NASDAQ: BIIB) para adquirir todas las acciones en circulación que no posea ya Biogen a $7.22 por acción, recibida el 10 de enero de 2025.
La Junta concluyó que la propuesta de Biogen subestima significativamente a Sage y no es en el mejor interés de los accionistas. Mientras lleva a cabo la revisión estratégica, Sage sigue enfocada en establecer ZURZUVAE como el estándar de atención para mujeres con depresión posparto (PPD). La empresa no ha establecido un calendario para el proceso de revisión y no ha tomado decisiones respecto a alternativas estratégicas potenciales.
세이지 테라퓨틱스 (NASDAQ: SAGE)는 이사회가 잠재적인 전략적 거래, 비즈니스 조합 또는 매각을 포함한 전략적 대안을 탐색하기 위한 프로세스를 시작했다고 발표했습니다. 이사회는 바이오젠 (NASDAQ: BIIB)이 제안한 인수 제안을 단호히 거부했으며, 이는 2025년 1월 10일에 접수된 바이오젠이 소유하지 않은 모든 유통 주식을 주당 $7.22에 인수하고자 하는 비구속적 제안입니다.
이사회는 바이오젠의 제안이 세이지를 심각하게 저평가하며 주주들에게 최선의 이익이 아니라고 결론지었습니다. 전략적 검토를 수행하는 동안 세이지는 산후 우울증(PPD) 여성에게 주르주베를 치료 기준으로 설정하는 데 집중하고 있습니다. 회사는 검토 프로세스에 대한 일정도 설정하지 않았으며 잠재적인 전략적 대안에 대해 어떤 결정도 내리지 않았습니다.
Sage Therapeutics (NASDAQ: SAGE) a annoncé que son Conseil d'Administration a lancé un processus pour explorer des alternatives stratégiques, y compris d'éventuelles transactions stratégiques, des combinaisons d'entreprises ou une vente. Le Conseil a unanimement rejeté une proposition non sollicitée et non contraignante de Biogen (NASDAQ: BIIB) visant à acquérir toutes les actions en circulation non déjà détenues par Biogen à 7,22 $ par action, reçue le 10 janvier 2025.
Le Conseil a conclu que la proposition de Biogen sous-évalue considérablement Sage et n'est pas dans le meilleur intérêt des actionnaires. Lors de cette révision stratégique, Sage reste concentrée sur l'établissement de ZURZUVAE comme la norme de soins pour les femmes souffrant de dépression post-partum (PPD). L'entreprise n'a pas fixé de calendrier pour le processus de révision et n'a pris aucune décision concernant les alternatives stratégiques potentielles.
Sage Therapeutics (NASDAQ: SAGE) hat bekanntgegeben, dass ihr Vorstand einen Prozess zur Untersuchung strategischer Alternativen eingeleitet hat, einschließlich möglicher strategischer Transaktionen, Unternehmenszusammenschlüsse oder Verkäufe. Der Vorstand hat einvernehmlich ein unverlangtes, unverbindliches Angebot von Biogen (NASDAQ: BIIB) abgelehnt, alle ausstehenden Aktien, die Biogen noch nicht besitzt, zum Preis von 7,22 $ pro Aktie zu erwerben, das am 10. Januar 2025 eingegangen ist.
Der Vorstand kam zu dem Schluss, dass Biogens Angebot Sage erheblich unterbewertet und nicht im besten Interesse der Aktionäre ist. Während der strategischen Überprüfung konzentriert sich Sage weiterhin darauf, ZURZUVAE als Standardbehandlung für Frauen mit postpartaler Depression (PPD) zu etablieren. Das Unternehmen hat keinen Zeitrahmen für den Überprüfungsprozess festgelegt und noch keine Entscheidungen über mögliche strategische Alternativen getroffen.
- Board's proactive approach to exploring strategic alternatives to maximize shareholder value
- Strong market position with ZURZUVAE in postpartum depression treatment
- Engagement of Goldman Sachs as financial advisor indicates serious commitment to strategic review
- Rejection of immediate acquisition opportunity at $7.22 per share from Biogen
- Uncertainty regarding timeline and outcome of strategic review process
Insights
The rejection of Biogen's unsolicited proposal at
The timing is particularly notable as ZURZUVAE, recently approved for postpartum depression (PPD), represents a significant commercial opportunity in an underserved market affecting approximately 500,000 women annually in the U.S. The board's stance likely factors in the drug's peak sales potential and first-mover advantage in this therapeutic area.
The engagement of Goldman Sachs could catalyze a competitive bidding process. Several factors make Sage an attractive target:
- A commercially-launched product with significant market potential
- Established commercial infrastructure
- Strategic fit for companies looking to expand in neuroscience
- Potential synergies with existing psychiatric/neurological portfolios
The board's rejection and strategic review announcement could attract interest from other large pharmaceutical companies seeking to bolster their neuroscience portfolios. This 'white knight' strategy often results in improved offers, potentially driving shareholder value beyond the initial proposal.
Sage's strategic positioning with ZURZUVAE represents a unique value proposition in the PPD market. As the first oral treatment specifically approved for PPD, the drug addresses a significant unmet medical need with a more convenient administration route compared to existing options.
The board's rejection of Biogen's offer likely considers several key market factors:
- ZURZUVAE's potential to capture a significant share of the PPD market, estimated at $1.5 billion annually
- The drug's rapid onset of action and favorable safety profile compared to existing treatments
- Growing awareness and diagnosis rates of PPD
- Potential label expansion opportunities
The current biotech M&A environment, characterized by depressed valuations, makes this an opportune time for strategic buyers. However, Sage's board clearly believes the current market price and Biogen's offer don't reflect the full commercial potential of their portfolio. The strategic review process could unlock additional value through various alternatives, including potential partnerships or a competitive sale process.
Company Board Concludes the Proposal Significantly Undervalues Sage and Believes it is Not in the Best Interest of Shareholders
The Company Remains Focused on the Goal of Establishing ZURZUVAE as the Standard of Care for Women with Postpartum Depression
In addition, Sage announced that its Board has unanimously rejected the unsolicited, nonbinding proposal it received from Biogen Inc. (Nasdaq: BIIB) (“Biogen”) on January 10, 2025, to acquire all outstanding shares of Sage not already owned by Biogen for
The Company 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 PPD.
Goldman Sachs & Co. LLC is acting as financial advisor to Sage, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.
About Sage Therapeutics
Sage Therapeutics (Nasdaq: SAGE) is a biopharmaceutical company committed to our mission of pioneering solutions to deliver life-changing brain health medicines, so every person can thrive. 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
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release are forward-looking statements. Such forward-looking statements include statements regarding the review to be conducted by the Board of Directors and our goal of establishing ZURZUVAE as the standard of care for women with PPD. These forward-looking statements are based on management’s current expectations about future events as of the date hereof, are neither promises nor guarantees of future performance, and are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. These risks and uncertainties include, but are not limited to, the outcome and timing of the review process, which may be suspended or modified at any time; the possibility that the Board of Directors may decide not to undertake a strategic alternative following the review process; Sage’s inability to consummate any proposed strategic alternative resulting from the review due to, among other things, market, regulatory and other factors; the potential for disruption to our business resulting from the review process; potential adverse effects on our stock price from the announcement, suspension or consummation of the review process; our launch and commercialization efforts in the
SELECT IMPORTANT SAFETY INFORMATION FOR ZURZUVAE
ZURZUVAE (zuranolone) CIV, is a neuroactive steroid gamma-aminobutyric acid (GABA) A receptor positive modulator indicated for the treatment of postpartum depression in adults.
This does not include all the information needed to use ZURZUVAE safely and effectively. See full prescribing information for ZURZUVAE.
ZURZUVAE may cause serious side effects, including decreased awareness and alertness, which can affect your ability to drive safely or safely do other dangerous activities. Do not drive, operate machinery, or do other dangerous activities until at least 12 hours after taking each dose. You may not be able to tell on your own if you can drive safely or tell how much ZURZUVAE is affecting you. ZURZUVAE may cause central nervous system (CNS) depressant effects including sleepiness, drowsiness, slow thinking, dizziness, confusion, and trouble walking. Taking alcohol, other medicines that cause CNS depressant effects such as benzodiazepines, or opioids while taking ZURZUVAE can make these symptoms worse and may also cause trouble breathing. ZURZUVAE is a federally controlled substance schedule IV because it contains zuranolone, which can be abused or lead to dependence. Tell your healthcare provider right away if you become pregnant or plan to become pregnant during treatment with ZURZUVAE. You should use effective birth control (contraception) during treatment with ZURZUVAE and for 1 week after the final dose. ZURZUVAE and other antidepressant medicines may increase the risk of suicidal thoughts and actions in people 24 years of age and younger. ZURZUVAE is not for use in children. The most common side effects of ZURZUVAE include sleepiness or drowsiness, dizziness, common cold, diarrhea, feeling tired, weak, or having no energy, and urinary tract infection.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250126284706/en/
Investor
Ashley Kaplowitz
Ashley.Kaplowitz@sagerx.com
Media
Francesca Dellelci
Francesca.Dellelci@sagerx.com
Tim Lynch / Jed Repko
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
Source: Sage Therapeutics, Inc.
FAQ
What is the price per share offered by Biogen to acquire SAGE shares?
When did SAGE receive Biogen's acquisition proposal?
What strategic alternatives is SAGE exploring?
What is SAGE's main product focus during the strategic review?
Who are SAGE's advisors for the strategic review process?
