Biogen Offers $469 Million to Acquire Struggling Partner Sage Therapeutics

SAN FRANCISCO — Biogen has proposed a $469 million acquisition of its partner Sage Therapeutics, according to a regulatory filing disclosed Friday. The offer comes after months of setbacks for Sage, including clinical trial failures that have left the company with a depleted research pipeline and a plummeting stock price.

Biogen CEO Chris Viehbacher confirmed the offer in an interview ahead of the J.P. Morgan Healthcare Conference, stating, “We will be doing deals — the size of those deals, I cannot say.” The proposed deal would allow Biogen to expand its portfolio in 2025, following its collaboration with Sage on Zurzuvae, a pill for postpartum depression.

Sage Therapeutics, which had $569 million in cash as of September, is unlikely to accept the lowball offer. However, the company has limited leverage after a series of clinical failures in 2024 decimated its stock value and research prospects. The offer represents a significant discount compared to Sage’s current cash reserves.

The acquisition proposal underscores Biogen’s strategy to strengthen its position in the biotech sector through strategic partnerships and acquisitions. Sage, once a promising player in the neuroscience space, has struggled to recover from the setbacks, making it a potential target for larger firms like Biogen.

Analysts suggest that the deal, if accepted, could provide Sage with much-needed financial stability while allowing Biogen to capitalize on its existing partnership and expand its market reach. However, the outcome remains uncertain as Sage evaluates its options amid ongoing financial and operational challenges.