Sage Therapeutics Explores Alternatives, Rejects Biogen's Proposal, Stock Up

(RTTNews) - Sage Therapeutics, Inc. (SAGE) Monday announced that its Board of Directors has initiated a strategic review process aimed at maximizing shareholder value, involving a wide range of options, such as potential strategic transactions, business combinations, or the sale of the company.

The Board also revealed that it has unanimously rejected an unsolicited, nonbinding proposal from Biogen Inc. (BIIB). The proposal sought to acquire all outstanding shares of Sage not already owned by Biogen for $7.22 per share, a valuation deemed insufficient by the Board.

Meanwhile, Sage remains committed to its mission of making ZURZUVAE the standard treatment for women with postpartum depression as the Board evaluates potential strategic opportunities.

SAGE is currently trading at $24.93, up 3.96 percent or $0.95 on the Nasdaq.

BIIB is currently trading at $147.98 up 1.21 percent or $1.78 on the Nasdaq.