(Updates with Biogen's response in the third paragraph and the latest stock moves in the last paragraph.)
Sage Therapeutics (SAGE) said Monday its board rejected Biogen's (BIIB) unsolicited, non-binding proposal to acquire Sage shares not already owned by Biogen for $7.22 per share.
Sage also said its board has started a process to look into strategic alternatives, including a potential business combination or sale. The company said there's no assurance that the review would lead to a transaction or other strategic outcome.
Biogen declined to comment when contacted by MT Newswires.
Sage shares were up 4.7% and Biogen's shares were up 1.9% in recent trading.
Price: 7.44, Change: +0.34, Percent Change: +4.72
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