Sage rejects Biogen's $469 million takeover offer (updated)

Sage Therapeutics

27/01/2025 14:34

(Adds details in paragraph 2-3)
       Jan 27 (Reuters) - Sage Therapeutics  SAGE.O  said on
Monday that its board has unanimously rejected the takeover
offer it received from Biogen  BIIB.O .
    The company said Biogen's offer to buy all outstanding
shares of Sage that it does not already own for $7.22 apiece,
"significantly undervalues Sage and believes it is not in the
best interest of shareholders."
        Biogen has a 10.2% stake in Sage Therapeutics.
  
        Sage said it has initiated a process to explore
strategic alternatives, but has not set a timetable for the
review process.
  
        
  

 (Reporting by Sneha  S K; Editing by Tasim Zahid)
 ((Sneha.SK@thomsonreuters.com;))