2025-06-15-高盛-赛智治疗公司（SAGE）_Sage_Therapeutics公司（SAGE）_将被SUPN收购_6页_255kb

Sage Therapeutics Acquisition

• Announcement Date: June 16, 2025
• Acquirer: SUPN
• Offer Type: Tender offer for $8.50/share (cash) representing a ~27% premium over prior closing price ($6.70).
• Deal Value: Enterprise value ~$137mn (1Q25 basis), total consideration up to ~$795mn with an aggregate offer price of $12.00/share` upon CVR vesting.
• CVR: Stockholders entitled to receive up to ~$3.50/share contingent on Zurzuvae achieving specific commercial milestones ($250mn, $300mn, or $375mn US sales within designated periods plus $0.50/share for first JJapanese commercial sale).
• Strategic Context: Follows rejection of BIIB's unsolicited offer; provides SUPN access to SAGE's CNS pipeline.
• Deal Closure: Expected in 3Q2025.
• Valuation: Current price $6.70, market cap ~$411mn, negative projected EBITDA.

Key Deal Terms

• Purchase Price: $8.50/share cash at closing.
• CVR: Up to $3.50/share contingent on Zurzuvae commercial milestones in the US (first three calendar years capped at $1.00/share per year) and $0.50/share for Japanese commercial launch (June 2026 deadline).
• Total Consideration: $12.00/share in aggregate value ($795mn).

Strategic Significance

• SUPN gains commercial asset Zurzuvae for postpartum depression and SAGE's CNS discovery pipeline including SAGE-324, SAGE-319, and NMDA receptor NAM platform.
• Current valuation notes reflect SAGE's review of strategic alternatives after a rejected acquisition bid, aiming to improve market standing and drug development progress in the CNS space.