Sage rises after Biogen proposes to buy remaining stake for $442 mln

Sage Therapeutics

13/01/2025 11:58

** Shares of drugmaker Sage Therapeutics  SAGE.O  rise 36.4%
to $7.57 premarket
    ** Drugmaker Biogen  BIIB.O  will buy all outstanding shares
of Sage that it does not already own for $7.22 apiece, a filing
showed on Friday
    ** The offer price, representing a 30% premium to stock's
close on Friday, values Sage's equity at $441.7 mln, according
to Reuters calculations
    ** Brokerage William Blair says the offer is prudent to
maximize potential for Sage and Biogen's depression drug,
Zurzuvae, without materially impacting Biogen's M&A deal
capacity
    ** Up to last close, stock down 78.1% in the last 12 months

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))