Key Takeaways
- Sage Therapeutics reported that Biogen made an unsolicited offer to purchase all of the shares of the biopharmaceutical firm it doesn’t already own.
- The bid of $7.22 per share was a 30% premium to Sage’s closing price on Friday.
- Biogen already owns a 10.2% stake in Sage.
Sage Therapeutics (SAGE) shares soared nearly 40% Monday on news Biogen (BIIB) is offering to buy the rest of the Sage stock it doesn’t already own for $7.22 per share.
The unsolicited, non-binding proposal was a 30% premium over Sage’s Friday closing price of $5.55.
The biopharmaceutical firm said its board “will carefully review and evaluate the proposal made by Biogen to determine the course of action that it believes is in the best interest of the Company and all Sage shareholders.”
Biogen Owns 10.2% Stake in Sage
According to a regulatory filing, Biogen owns 6.24 million shares of Sage, equal to a 10.2% stake.
The bid came just as both companies were set to make presentations at this year’s J.P. Morgan Healthcare conference in San Francisco.
Despite today’s big jump, shares of Sage Therapeutics have lost nearly three-quarters of their value over the past year. Biogen shares slipped less than 1% Monday morning.
TradingView
:max_bytes(150000):strip_icc()/GettyImages-1742678123-25d92008a8844f64a3b09d5739a8612f.jpg?w=1200&resize=1200,0&ssl=1&description=Sage+Therapeutics+Stock+Soars+as+Biogen+Makes+Unsolicited+Takeover+Bid){kind=link}