Sage Therapeutics, Inc - SAGE STOCK NEWS

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 (SAGE) has announced its 2025 strategic focus at the J.P. Morgan Healthcare Conference, highlighting plans for ZURZUVAE, the first once-daily 14-day oral treatment for postpartum depression (PPD). The company aims to establish ZURZUVAE as the first-line therapy for PPD through increased commercial investments, including sales force expansion and digital marketing campaigns.

Key financial highlights include substantial expected decreases in R&D and G&A expenses in 2025, with an extended cash runway to mid-2027. The company's pipeline prioritization focuses on SAGE-319, currently in Phase 1 trials for neurodevelopmental disorders, with data expected by late 2025. Additionally, Sage is evaluating SAGE-324 for potential indications including seizures in developmental and epileptic encephalopathies, with an update expected mid-2025.

The company anticipates that existing cash, cash equivalents, and marketable securities, along with collaboration funding and estimated revenues, will support operations through mid-2027, despite increased ZURZUVAE commercialization investments with Biogen in 2025.

Sage Therapeutics (SAGE) has received an unsolicited, nonbinding acquisition proposal from Biogen (BIIB) to purchase all outstanding shares not already owned by Biogen at $7.22 per share. The Sage Board of Directors, along with independent financial and legal advisors, will review and evaluate the proposal to determine the best course of action for the company and its shareholders. The company emphasized that there is no guarantee of a transaction resulting from this proposal, and shareholders are not required to take any action at this time.

Sage Therapeutics (NASDAQ: SAGE) has announced its upcoming presentation at the 43rd Annual J.P. Morgan Healthcare Conference. The presentation is scheduled for Wednesday, January 15, 2025, at 8:15 a.m. PT in San Francisco, CA.

Investors and interested parties can access a live webcast of the presentation through the Investor page on Sage's website at investor.sagerx.com. The presentation recording will be available for replay and archived for up to 30 days following the event.

Sage Therapeutics (NASDAQ: SAGE) has announced its upcoming participation in a fireside chat at the Piper Sandler 36th Annual Healthcare Conference. The event is scheduled for Wednesday, December 4, 2024, at 9:00 a.m. ET in New York, NY. Interested parties can access a live webcast of the presentation through the Investor page on Sage's website at investor.sagerx.com. The presentation recording will remain available for up to 30 days following the event.

Sage Therapeutics (SAGE) announced that its Phase 2 DIMENSION Study of dalzanemdor (SAGE-718) for cognitive impairment in Huntington's Disease failed to meet its primary endpoint. The study showed no statistically significant difference versus placebo in the Symbol Digit Modalities Test at Day 84. Secondary endpoints also failed to demonstrate meaningful differences between treatment groups. While the drug was generally well-tolerated with no new safety concerns, the company has decided to discontinue further development of dalzanemdor and will close the ongoing PURVIEW Study.

Sage Therapeutics reported Q3 2024 financial results, highlighting $11 million in ZURZUVAE collaboration revenue, a 49% increase from Q2. The company announced it will not pursue zuranolone development for major depressive disorder in the US, focusing instead on postpartum depression treatment. Key metrics include approximately 2,000 prescriptions shipped in Q3 (40% increase from Q2), with over 90% commercial and Medicaid coverage. Cash position stood at $569 million as of September 30. The company plans to discontinue ZULRESSO by December 31, 2024, and expects current funds to support operations into 2026.

Sage Therapeutics has announced a strategic reorganization to support the launch of ZURZUVAE for postpartum depression and focus on pipeline development. The plan includes a workforce reduction of approximately 33%, affecting over 165 employees. This restructuring aims to extend the company's cash runway and position it for long-term growth.

Key changes include:

• Leadership team changes with several executives departing
• Chris Benecchi expanding role to Chief Operating Officer
• Greg Shiferman promoted to Senior VP, General Counsel
• Vanessa Procter taking on expanded responsibilities

The reorganization is expected to be completed by Q4 2024, with an anticipated non-recurring charge of $26-28 million. Sage will provide updated cash runway guidance soon.

Sage Therapeutics, Inc. (NASDAQ: SAGE) has announced that it will host a live webcast on Tuesday, October 29, 2024, at 4:30 p.m. ET. The purpose of this webcast is to review the company's third quarter 2024 financial results and provide updates on recent business activities. Investors and interested parties can access the webcast through the Investor page of Sage's website at investor.sagerx.com. For those unable to attend the live event, a replay will be made available and archived for up to 30 days following the webcast's completion.