Supernus to Buy Sage With Up to $200M Synergies

Supernus Pharmaceuticals has agreed to acquire Sage Therapeutics for up to $795 million, offering $8.50 per share in cash and an additional non-tradable contingent value right (CVR) worth up to $3.50 per share based on future sales milestones. The acquisition will bring ZURZUVAE, the only FDA-approved oral treatment for postpartum depression, into Supernus's portfolio, strengthening its psychiatry and central nervous system drug offerings. Supernus expects to achieve up to $200 million in annual cost synergies and anticipates significant revenue from ZURZUVAE’s ongoing collaboration with Biogen. The transaction, which is expected to close in the third quarter of 2025, led analysts to raise price targets on Sage Therapeutics and caused Sage's stock to surge by more than 30%. The deal is projected to be significantly accretive to Supernus’s earnings by 2026. Supernus’s strong financial position is expected to support the integration and commercialization of ZURZUVAE.