Supernus Pharmaceuticals has acquired Sage Therapeutics, strengthening its neuropsychiatry product portfolio.
In June 2025, Supernus and Sage entered a definitive agreement for the acquisition, with Supernus offering $8.50 per share in cash (or an aggregate of $561m), plus a non-tradeable contingent value right of up to $3.50 per share, totalling $12 per share in cash, or $795m.
The acquisition follows Sage's rejection of a $469m takeover offer from Biogen in January 2025, which was deemed significantly undervalued by Sage's board of directors.
The acquisition brings Sage’s US Food and Drug Administration (FDA)-approved Zurzuvae (zuranolone) capsules and a central nervous system discovery platform under Supernus’ portfolio.
Zurzuvae is intended for treating postpartum depression.
The company expects to realise cost synergies of up to $200m annually and accretive financial results in 2026 due to the acquisition.
Moelis & Company served as the exclusive financial advisor to Supernus, while Goldman Sachs advised Sage.
Legal counsel for Supernus was provided by Saul Ewing, and Kirkland & Ellis represented Sage in the legal aspects of the transaction.
Supernus Pharmaceuticals CEO and president Jack Khattar stated: “Sage is an ideal fit in our corporate development strategy, adding a significant fourth growth product to our portfolio and further diversifying our sources of future revenue.
“With our proven track record of strong commercial execution along with the expected cost synergies, the acquisition is expected to be accretive in 2026.”
