Sage rejects Biogen’s unsolicited bid, but open to other offers

28 January 2025

Cambridge, USA-based biotech Sage Therapeutics (Nasdaq: SAGE) yesterday announced that, while rejecting an unsolicited takeover offer, its board of directors has initiated a process to explore strategic alternatives for the company.

The board intends to evaluate a broad range of opportunities to maximize value for shareholders, including but not limited to a potential strategic transaction, business combination or sale.

In addition, Sage announced that its board has unanimously rejected the unsolicited, non-binding proposal it received from biotech major Biogen (Nasdaq: BIIB) on January 10, 2025, to acquire all outstanding shares of Sage not already owned by Biogen for $7.22 per share, or around $442 million, which it said "significantly undervalues" the company.

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