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Sage Therapeutics Stock Soars as Biogen Makes Unsolicited Takeover Bid
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Main points
- Sage Therapeutics reports that Biogen has made an unsolicited offer to acquire all the shares of the biopharmaceutical company it does not already own.
- The $7.22 per share bid represents a 30% premium to Sage’s closing price on Friday.
- Biogen already holds a 10.2% stake in Sage.
Sage Therapy (saint) On Monday, affected by the news about Biogen, the stock price soared nearly 40% (bib) offered to purchase the remaining Sage shares it did not already own for $7.22 per share.
The unsolicited, non-binding offer represents a 30% premium to Sage’s Friday closing price of $5.55.
The biopharmaceutical company said its board of directors “will carefully review and evaluate Biogen’s proposal to determine a course of action it believes is in the best interest of the company and all Sage shareholders.”
Biogen owns 10.2% of Sage
Biogen owns 6.24 million Sage shares, equivalent to a 10.2% stake, according to regulatory filings.
The acquisition comes as the companies prepare to speak at this year’s J.P. Morgan Healthcare Conference in San Francisco.
Despite today’s sharp gains, Sage Therapeutics shares have lost nearly three-quarters of their value over the past year. Biogen shares were down less than 1% on Monday morning.
trading view
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