BUZZ-Sage Therapeutics soars after Biogen makes $441.7 mln bid for company

Shares of drug developer Sage Therapeutics SAGE.O rise about 33% to $7.38 in extended trading

Biogen BIIB.O sends letter to SAGE CEO offering to buy all outstanding shares of the company it does not already own

BIIB offers to buy all SAGE shares for $7.22 per share in cash, implying a total deal value of $441.7 mln, according to Reuters calculations

BIIB, which is SAGE's largest shareholder, currently owns 10.2% or over 6.24 mln shares of SAGE common stock

The share price offered implies a 30% premium to SAGE's closing price on Friday

SAGE stock fell ~75% in 2024

(Reporting by Vallari Srivastava in Bengaluru)

((Srivastava.Vallari@thomsonreuters.com;))