By Emily Dattilo
Shares of Sage Therapeutics were charging higher after the biopharmaceutical company confirmed Biogen has submitted an unsolicited, nonbinding proposal to acquire all of the outstanding Sage shares it doesn't already own for $7.22 a share.
Sage stock rose 35% to $7.51 in premarket trading Monday; it closed at $5.55 on Friday. Biogen shares dipped 0.5% to $48.01.
Sage's board will now review and evaluate the offer, the company said. "There is no guarantee that any transaction will result from Biogen's proposal," a press release reads. "Sage's shareholders do not need to take any action at this time."
Write to Emily Dattilo at emily.dattilo@dowjones.com
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(END) Dow Jones Newswires
January 13, 2025 07:24 ET (12:24 GMT)
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