Sage Therapeutics Stock Jumps on Biogen's Surprising Acquisition Offer
Biogen has made an unexpected bid to acquire all remaining shares of Sage Therapeutics, sparking a significant surge in Sage's stock price.
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Highlights
- Biogen has extended an unsolicited offer to purchase all outstanding shares of Sage Therapeutics it does not currently own.
- The proposed acquisition price of $7.22 per share represents a 30% premium over Sage's last closing price.
- Biogen currently holds a 10.2% ownership stake in Sage Therapeutics.
Shares of Sage Therapeutics (SAGE) surged nearly 40% following news that Biogen (BIIB) proposed to acquire the remaining shares at $7.22 each.
This non-binding, unsolicited offer exceeds Sage’s previous closing price of $5.55 by a substantial margin.
The Sage board has announced it will thoroughly assess Biogen's proposal to determine the best strategy for the company and its shareholders.
Biogen's Existing Stake in Sage
Regulatory filings reveal Biogen owns approximately 6.24 million shares, equating to a 10.2% stake in Sage Therapeutics.
The offer coincides with both companies preparing presentations for the upcoming J.P. Morgan Healthcare Conference in San Francisco.
Despite today's strong rally, Sage's stock has declined nearly 75% over the past year, while Biogen's shares showed a slight dip of under 1% in early trading.
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