** Shares of drug developer Sage Therapeutics SAGE.O rise 5.6% to $7.49
** SAGE says it has rejected Biogen's BIIB.O $469 mln acquisition offer
** BIIB on Jan. 10 sent letter to SAGE CEO offering to buy all outstanding shares of co it does not already own for $7.22 per share
** SAGE says proposal "significantly undervalues Sage and believes it is not in the best interest of shareholders"
** SAGE says it is exploring alternatives
** BIIB, which is SAGE's largest shareholder, currently owns 10.2%, or over 6.24 mln shares, of SAGE's common stock
** SAGE fell ~76% in 2024
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))
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