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