Biogen proposes to purchase remaining stake in Sage in $442 million deal

(Reuters) – Drugmaker Biogen (NASDAQ:BIIB) will purchase all excellent shares of Sage Therapeutics that it doesn’t already personal for $7.22 apiece, a submitting confirmed on Friday, sending the latter’s replenish 34% in prolonged commerce.

As per the submitting, Biogen has a ten.2% stake in Sage Therapeutics. The provide worth, representing a 30% premium to the inventory’s shut on Friday, values Sage’s fairness at $441.7 million, in accordance with Reuters calculations.

Biogen has been navigating a gradual pick-up in gross sales for its Alzheimer’s drug Leqembi in the US after issues over price, efficacy and negative effects.

Sage, whose shares fell 74.9% final yr, deserted the event of its drug dalzanemdor after a number of trial failures. The corporate stated in November that it’ll give attention to its postpartum melancholy drug, Zurzuvae, which it developed in partnership with Biogen.

In July, Sage additionally scrapped the event of one other neurological dysfunction drug it was growing with Biogen.