Supernus Pharmaceuticals announced on June 16 that it has entered into an agreement to acquire Sage Therapeutics, based in Cambridge, Massachusetts.
Supernus to acquire Sage through a tender offer for $8.50 per share in cash (or an aggregate of approximately $561 million), plus one non-tradable contingent value right (CRV) collectively worth up to $3.50 per share in cash (or an aggregate of approximately $234 million). The total consideration is $12.00 per share in cash (or an aggregate of up to approximately $795 million). The CVR is payable upon achieving certain net sales and commercial milestones.
Sage Therapeutics is a biopharmaceutical company committed to developing novel therapies with the potential to transform the lives of people with debilitating disorders of the brain. According to its May 8, 2025, financial report, the company reported $41.24 million in revenue for the full year (FY) 2024.
Supernus is a specialty pharmaceutical company focused on developing and commercializing products for the treatment of central nervous system diseases. Its diverse neuroscience portfolio includes approved treatments for attention-deficit hyperactivity disorder, dyskinesia in Parkinson’s disease (PD) patients receiving levodopa-based therapy, hypomobility in PD, epilepsy, migraine, cervical dystonia and chronic sialorrhea. According to its February 2025 financial report, the company reported $661.8 million in revenue for FY 2024.
The transaction will provide Supernus with an innovative marketed product: ZURZUVAE capsules CIV, the first and only FDA-approved oral medicine indicated for the treatment of adults with postpartum depression.
Moelis & Company LLC is acting as the exclusive financial advisor to Supernus. Goldman Sachs & Co. LLC is acting as the exclusive financial advisor to Sage. Saul Ewing LLP is serving as legal counsel to Supernus. Kirkland & Ellis LLP is serving as legal counsel to Sage.
According to data in the LevinPro HC database, this transaction represents the 62nd Biotechnology transaction of 2025. Throughout 2024, there were 135 Biotechnology transactions announced, and 160 in 2023.
