Zuranolone

ROCKVILLE, MD and CAMBRIDGE, MA, USA I June 16, 2025 I Supernus Pharmaceuticals, Inc. (Nasdaq: SUPN) and Sage Therapeutics, Inc. (Nasdaq: SAGE), today announced a definitive agreement for Supernus to acquire Sage through a tender offer for $8.50 per share in cash (or an aggregate of approximately $561 million), payable at closing, plus one non-tradable contingent value right (CVR) collectively worth up to $3.50 per share in cash (or an aggregate of approximately $234 million), for total consideration of $12.00 per share in cash (or an aggregate of up to approximately $795 million). The CVR is payable upon achieving certain net sales and commercial milestones. The transaction is expected to close in the third quarter of 2025. The transaction will provide Supernus with an innovative marketed product: ZURZUVAE ® (zuranolone) capsules CIV, the first and only U.S. Food and Drug Administration (FDA)-approved oral medicine indicated for the treatment of adults with postpartum depression. Through a collaboration agreement with Biogen, Inc., Supernus will report collaboration revenue that is 50% of total net revenue Biogen records for ZURZUVAE in the U.S. “This acquisition represents a major step in bolstering our future growth. It augments our growth profile by adding a significant fourth growth product to our portfolio and further diversifies our sources of future growth. ZURZUVAE aligns with our focus of acquiring novel value-enhancing and clinically-differentiated medicines to treat CNS conditions,” said Jack Khattar, President and CEO of Supernus Pharmaceuticals. “We have a proven track record of strong commercial execution, and we look forward to building on ZURZUVAE’s U.S. growth momentum and collaboration with Biogen, so that more women with postpartum depression can benefit from this novel treatment.” “Since our founding, Sage Therapeutics has been committed to pioneering new solutions in brain health, one of the most complex and underserved areas of medicine,” said Barry Greene, Chief Executive Officer, Sage Therapeutics. “We are proud of what we’ve accomplished, including successfully developing and commercializing ZURZUVAE, the first and only oral treatment for women with postpartum depression. This transaction follows a comprehensive strategic review by our Board of Directors, and I am confident this deal maximizes value for shareholders. I want to express my deepest gratitude to the Sage team for their unwavering commitment to brain health and improving the lives of patients. We look forward to our next chapter with Supernus.” Strategic and Financial Benefits Terms and Financing Under the terms of the agreement, Supernus will commence a tender offer to acquire all outstanding shares of Sage Therapeutics, Inc. for a purchase price of $8.50 per share in cash (or an aggregate of approximately $561 million) payable at closing plus one non-tradable CVR. All cash consideration will be funded through existing balance sheet cash. The CVR entitles Sage stockholders to receive up to an additional $3.50 per share payable upon ZURZUVAE achieving certain sales and commercial milestones within certain specified periods (subject to the terms and conditions contained in a Contingent Value Rights Agreement detailing the terms of the CVR). These milestones include (1) $1.00 per share payable if in any calendar year between closing and end of 2027, annual net sales of ZURZUVAE allocable to Supernus reach $250 million or more in the U.S., (2) $1.00 per share payable if in any calendar year between closing and end of 2028, annual net sales of ZURZUVAE allocable to Supernus reach $300 million or more in the U.S., (3) $1.00 per share payable if in any calendar year between closing and end of 2030, annual net sales of ZURZUVAE allocable to Supernus reach $375 million or more in the U.S., and (4) $0.50 per share at first commercial sale in Japan to a third-party customer after regulatory approval for ZURZUVAE for the treatment of major depressive disorder (MDD) in Japan by June 30, 2026. Approvals and Timing of Close The transaction, which has been approved by the boards of directors of both companies, is expected to close in the third quarter of 2025, subject to customary closing conditions, including receipt of required regulatory approvals and the tender of a majority of the outstanding shares of Sage’s common stock. Following the successful closing of the tender offer, Supernus will acquire any shares of Sage that are not tendered in the tender offer through a second-step merger at the same consideration as paid in the tender offer. Full Year Financial Guidance Supernus will provide revised full year 2025 financial guidance after the closing of the transaction, which is expected in the third quarter of 2025. Advisors Moelis & Company LLC is acting as the exclusive financial advisor to Supernus. Goldman Sachs & Co. LLC is acting as the exclusive financial advisor to Sage. Saul Ewing LLP is serving as legal counsel to Supernus. Kirkland & Ellis LLP is serving as legal counsel to Sage. Conference Call and Webcast Information A conference call and a live webcast will be hosted today, June 16, 2025, at 8:30 a.m. ET, to discuss the transaction. A live webcast will be available in the Events & Presentations section of the Supernus Investor Relations website www.supernus.com/investors . Participants may also pre-register any time before the call here . Once registration is completed, participants will be provided a dial-in number with a personalized conference code to access the call. Please dial in 15 minutes prior to the start time. Following the live call, a replay will be available on the Supernus Investor Relations website www.supernus.com/investors . The webcast will be available on the Supernus website for 60 days following the live call. About Supernus Pharmaceuticals, Inc. Supernus Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases. Our diverse neuroscience portfolio includes approved treatments for attention-deficit hyperactivity disorder (ADHD), dyskinesia in Parkinson’s disease (PD) patients receiving levodopa-based therapy, hypomobility in PD, epilepsy, migraine, cervical dystonia, and chronic sialorrhea. We are developing a broad range of novel CNS product candidates including new potential treatments for epilepsy, depression, and other CNS disorders. For more information, please visit www.supernus.com . About Sage Therapeutics Sage Therapeutics (Nasdaq: SAGE) is a biopharmaceutical company committed to our mission of pioneering solutions to deliver life-changing brain health medicines, so every person can thrive. Sage developed the only two FDA-approved treatments indicated for postpartum depression and is advancing a pipeline to target unmet needs in brain health. Sage was founded in 2010 and is headquartered in Cambridge, Mass. Find out more at www.sagerx.com or engage with us on Facebook , LinkedIn , Instagram , and X . For more information about ZURZUVAE, please visit www.zurzuvae.com . SOURCE: Supernus Pharmaceuticals

6月16日，生物制药公司Supernus Pharmaceuticals, Inc. 与 Sage Therapeutics, Inc.  联合宣布达成一项最终协议，Supernus 将通过一项要约来收购 Sage。这项拟议的收购预计将加速 Supernus 中长期收入和现金流增长，并进一步使其收入基础多元化。根据协议条款，Supernus 将以每股 8.50 美元的现金支付（总计约 5.61 亿美元）收购 Sage 的所有已发行股份。此外，Sage 股东还将获得一份不可交易的或有价值权 (CVR)，该权利在达到某些特定的销售和商业里程碑时，每股可额外支付高达 3.50 美元（总计约 2.34 亿美元），因此总对价最高可达每股 12.00 美元或约 7.95 亿美元。这项交易的现金对价将通过 Supernus 现有的资产负债表现金来全额支付。或有价值权 (CVR) 的支付与 ZURZUVAE 在美国和日本市场的特定销售里程碑相关。具体里程碑包括：如果在 2027 年底前的任何日历年，ZURZUVAE 分配给 Supernus 的美国年度净销售额达到或超过 2.5 亿美元，则支付每股 1.00 美元；如果在 2028 年底前的任何日历年，美国年度净销售额达到或超过 3 亿美元，则再支付每股 1.00 美元；如果在 2030 年底前的任何日历年，美国年度净销售额达到或超过 3.75 亿美元，则又支付每股 1.00 美元。此外，如果 ZURZUVAE 在日本获得监管批准并于 2026年6月30日前首次在日本进行商业销售以治疗重度抑郁症 (MDD)，则支付每股 0.50 美元。此次收购将为 Supernus 带来一款创新型已上市产品：ZURZUVAE® (zuranolone) 胶囊 CIV。这是美国FDA 批准的首个也是唯一一个用于治疗产后抑郁症 (PPD) 成人的口服药物。通过与 Biogen, Inc. 的合作协议，Supernus 将报告 Biogen 在美国记录的 ZURZUVAE 总净收入的 50% 作为合作收入。据报道，2024 年全年 ZURZUVAE 的合作收入为3610万美元，2025 年第一季度为 1380 万美元。此次收购还增强了 Supernus 的中枢神经系统 (CNS) 发现平台和专业知识，并且与 Supernus 现有基础设施的良好契合预计将带来每年高达 2 亿美元的成本协同效应。该收购预计将在 2026 年显著增厚其收益。Supernus Pharmaceuticals 是一家专注于开发和商业化用于治疗中枢神经系统 (CNS) 疾病的生物制药公司。其多元化的神经科学产品组合包括已获批用于治疗注意力缺陷多动障碍 (ADHD)、帕金森病 (PD) 患者左旋多巴治疗引起的运动障碍、PD 运动迟缓、癫痫、偏头痛、痉挛性斜颈和慢性流涎的产品。Sage Therapeutics 则致力于开创解决方案，提供改变生活的脑健康药物。Sage 开发了唯二获得 FDA 批准的产后抑郁症治疗药物，并正在推进针对脑健康未满足需求的研发管线。此次交易已获得两家公司董事会的批准，预计将在 2025 年第三季度完成。End声明：本公众号所有发文章(包括原创及转载文章)系出于传递更多信息之目的，且注明来源和作者。本公众号欢迎分享朋友圈或大群，谢绝媒体或机构未经授权以任何形式转载至其他平台。转载/商务/投稿 | 联系微信15618157102（sum_Gmi）商务合作稿件征集点击了解详情往期回顾1港股创新药走出至暗时刻2License-out潮来袭：谁是下一个出海爆款?32025 ASCO热点速递 | 信达、荣昌、科伦集体登场!（附ADC/双/多抗最新进展一览表）