Sage Therapeutics Acquired by Supernus Pharmaceuticals in $561M Deal

Supernus Pharmaceuticals announced a definitive agreement to acquire Sage Therapeutics for $8.50 per share in cash, valuing the deal at approximately $561 million, with a potential additional $3.50 per share as a contingent value right (CVR) if certain milestones are met, raising the total possible deal value to $795 million4 5.

The acquisition is expected to close in the third quarter of 20251 3 5.

Sage, once valued at over $9 billion, has faced several setbacks recently, including FDA rejection of its drug Zurzuvae for major depressive disorder and multiple rounds of layoffs2 4.

The acquisition centers on Sage’s lead product, Zurzuvae, a newly launched treatment for postpartum depression (PPD), which is already FDA-approved and showed 21% growth in collaboration revenue with Biogen between Q4 2024 and Q1 20254.

The deal comes after Biogen made a takeover bid earlier in 2025, but Supernus ultimately secured the acquisition4.

Supernus aims to strengthen and diversify its neuropsychiatric product portfolio through the Sage acquisition, and expects the deal to accelerate revenue and cash flow growth3 5.