Sage Therapeutics jumps after Supernus Pharma's buyout offer

Shares of Sage Therapeutics SAGE.O gain 36.12% to $9.11 premarket

Supernus Pharmaceuticals SUPN.O to acquire SAGE in up to $795 million deal, gaining access to Zurzuvae — the only postpartum depression pill approved in the U.S.

Transaction is expected to close in the third quarter of 2025

Supernus has offered $8.50 in cash for each share held and up to $3.50 per share in cash if certain milestones are achieved

In January, Sage rejected a $469 million bid from Biogen BIIB.O, which co-developed Zurzuvae

SUPN's deal appropriately contemplates the growth potential for Zurzurvae - brokerage Needham

Up to last close, Sage shares up ~23% YTD