Sage Therapeutics initiates strategic review, rejects Biogen proposal

Sage Therapeutics (SAGE) announced that 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, nonbinding proposal it received from Biogen (BIIB) on January 10 to acquire all outstanding shares of Sage not already owned by Biogen for $7.22 per share. The company has not set a timetable for the review process, nor has it made any decisions related to any potential strategic alternatives at this time. There can be no assurance that the company’s strategic review process will result in any transaction or other strategic outcome. Sage does not intend to disclose further developments on this strategic review process unless and until it determines that such disclosure is appropriate or necessary. While the board conducts its review, Sage remains focused on the goal of establishing Zurzuvae as the standard of care for women with PPD.