Sage Therapeutics Rejects Biogen Takeover Offer

Sage Therapeutics has unanimously rejected a takeover offer from Biogen, citing significant undervaluation. Biogen offered $7.22 per outstanding share of Sage, which the latter deemed inadequate.

Despite holding a 10.2% stake in Sage, Biogen's offer was deemed not in the best interests of shareholders. Sage has commenced a review of strategic alternatives, with no set timeline for completion.