Sage Therapeutics takeover bid undervalues Zurzuvae, says Truist

Truist keeps a Hold rating on Sage Therapeutics (SAGE) after Zurzurvae’s commercial partner Biogen (BIIB) disclosed an unsolicited proposal to acquire the company for $7.22 per share. As the first and only approved drug for post-partum depression, the offer undervalues Zurzuvae, the analyst tells investors in a research note. The firm thinks the drug is off to a slow, but sees a steady launch trajectory. “Continued heavy lifting in commercialization may be needed for the foreseeable future, but the hardest part of commercialization could be in the rear-view,” the analyst tells investors in a research note. Truist is “incrementally constructive” on Sage following the news.