BUZZ-Sage Therapeutics rises after rejecting Biogen's $469 mln acquisition offer

** Shares of drug developer Sage Therapeutics SAGE.O rise 5.6% to $7.49

** SAGE says it has rejected Biogen's BIIB.O $469 mln acquisition offer

** BIIB on Jan. 10 sent letter to SAGE CEO offering to buy all outstanding shares of co it does not already own for $7.22 per share

** SAGE says proposal "significantly undervalues Sage and believes it is not in the best interest of shareholders"

** SAGE says it is exploring alternatives

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

** SAGE fell ~76% in 2024