Sage Therapeutics rises after rejecting Biogen's $469 mln acquisition offer

Sage Therapeutics

27/01/2025 15:30

** Shares of drug developer Sage Therapeutics  SAGE.O  rise
5.6% to $7.49
    ** SAGE says it has rejected Biogen's  BIIB.O  $469 mln
acquisition offer 
    ** BIIB on Jan. 10 sent letter to SAGE CEO offering to buy
all outstanding shares of co it does not already own for $7.22
per share
    ** SAGE says proposal "significantly undervalues Sage and
believes it is not in the best interest of shareholders"
    ** SAGE says it is exploring alternatives
    ** BIIB, which is SAGE's largest shareholder, currently owns
10.2%, or over 6.24 mln shares, of SAGE's common stock
    ** SAGE fell ~76% in 2024

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))