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
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
January 13, 2025 07:24 ET (12:24 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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.