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Key Takeaways
- Sage Therapeutics reported that Biogen made an unsolicited provide to buy all the shares of the biopharmaceutical agency it does not already personal.
- The bid of $7.22 per share was a 30% premium to Sage’s closing value on Friday.
- Biogen already owns a ten.2% stake in Sage.
Sage Therapeutics (SAGE) shares soared almost 40% Monday on information Biogen (BIIB) is providing to purchase the remainder of the Sage inventory it does not already personal for $7.22 per share.
The unsolicited, non-binding proposal was a 30% premium over Sage’s Friday closing value of $5.55.
The biopharmaceutical agency mentioned its board “will fastidiously overview and consider the proposal made by Biogen to find out the plan of action that it believes is in the perfect curiosity of the Firm and all Sage shareholders.”
Biogen Owns 10.2% Stake in Sage
In keeping with a regulatory submitting, Biogen owns 6.24 million shares of Sage, equal to a ten.2% stake.
The bid got here simply as each firms have been set to make displays at this yr’s J.P. Morgan Healthcare convention in San Francisco.
Regardless of in the present day’s massive bounce, shares of Sage Therapeutics have misplaced almost three-quarters of their worth over the previous yr. Biogen shares slipped lower than 1% Monday morning.
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