Supernus acquires Sage for $795m to bolster depression drug lineup

Sage Therapeutics has accepted a buyout offer from Supernus Pharmaceuticals, only months after turning down a takeover bid from Biogen. This strategic acquisition, valued at potentially $795 million, marks a significant development in the biopharmaceutical industry, particularly in the area of depression treatment.

The acquisition details reveal that Supernus will purchase Sage at a price of $8.50 per share, which sums up to an initial payment of $561 million. Additionally, an extra $3.50 per share will be included based on the sales performance and commercial milestones of Sage's lead product, Zurzuvae (zuranolone), potentially elevating the total deal value to $795 million. This agreement surpasses Biogen’s earlier offer of $469 million made in January 2025, which Sage dismissed.

Supernus Pharmaceuticals, headquartered in the United States, received board approval for this acquisition from both companies involved. The transaction is anticipated to finalize in the third quarter of 2025. Following the announcement, Sage’s share price rose by 26% at the opening of the US market on June 16, while Supernus saw a modest increase of 1% in its shares.

In their joint statement, the companies highlighted the synergy between Sage's assets and Supernus’s existing operations. Supernus is already recognized for its approved treatments for conditions such as Parkinson’s disease and attention deficit hyperactivity disorder (ADHD) in the US. The acquisition is set to reinforce Supernus’s position in the central nervous system treatment sector by incorporating Sage's novel depression therapy solutions.

Zurzuvae, a pioneering medication in the US for postpartum depression, will now be under Supernus's ownership. This acquisition grants Supernus a significant advantage in this therapeutic market. Originally co-developed with Biogen, Zurzuvae generated revenues of $36.1 million in 2024 and $13.8 million in the first quarter of 2025 for Sage. Despite previous setbacks, including the failure of several mid-stage clinical trials that led to a 55% reduction in its research and development team, Sage focused its resources on the commercial success of Zurzuvae.

Biogen retains exclusive rights to develop and market Zurzuvae outside the US, except in Japan, Taiwan, and South Korea, due to a preceding agreement made in 2020. However, Sage, and consequently Supernus, holds the rights within the US. Market analysis by GlobalData predicts that Zurzuvae’s US sales could reach $290 million by 2031, indicating a promising growth trajectory for Supernus.

Jack Khattar, CEO of Supernus, remarked on the acquisition, stating it enhances the company’s growth profile by introducing a valuable new product to their portfolio, thus broadening their future growth avenues. He emphasized Supernus’s expertise in commercial execution and expressed optimism about furthering the US market growth of Zurzuvae in collaboration with Biogen to benefit more women experiencing postpartum depression.

This acquisition by Supernus signifies a strategic expansion in its product line and reaffirms its commitment to providing innovative and effective treatments for central nervous system conditions. The deal not only positions Supernus advantageously in the depression treatment market but also diversifies its growth potential with a novel therapeutic avenue.