(Reuters) – Drugmaker Biogen will buy all the outstanding shares of Sage Therapeutics it doesn’t already own for $7.22 apiece, a filing showed on Friday, sending the latter’s stock up 34% in the extended trade.
According to the filing, Biogen has a 10.2% stake in Sage Therapeutics. The offer price, which represents a 30% premium to the stock close on Friday, values Sage’s equity at $441.7 million, according to Reuters calculations.
Biogen has navigated a slow recovery in sales for its Alzheimer’s drug Leqembi in the United States after concerns about cost, effectiveness and side effects.
Sage, whose stock fell 74.9% last year, abandoned the development of its drug dalzanemdor after several test failures. The company said in November it would focus on its postpartum depression drug, Zurzuvae, which it developed in partnership with Biogen.
In July, Sage also scrapped development of another neurological disorder drug it was developing with Biogen.
(Reporting by Puyaan Singh in Bengaluru; Editing by Alan Barona)
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2025-01-10 23:37:00
