** Shares of drug developer Sage Therapeutics SAGE.O rise about 33% to $7.38 in extended trading
** Biogen BIIB.O sends letter to SAGE CEO offering to buy all outstanding shares of the company it does not already own
** BIIB offers to buy all SAGE shares for $7.22 per share in cash, implying a total deal value of $441.7 mln, according to Reuters calculations
** BIIB, which is SAGE's largest shareholder, currently owns 10.2% or over 6.24 mln shares of SAGE common stock
** The share price offered implies a 30% premium to SAGE's closing price on Friday
** SAGE stock fell ~75% in 2024
(Reporting by Vallari Srivastava in Bengaluru)
((Srivastava.Vallari@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.