M&A · Healthcare · Pharmaceutical Preparations
Supernus Pharmaceuticals, Inc. to acquire Sage Therapeutics, Inc.
Announced Jun 16, 2025 · Closed Jul 31, 2025
Deal value$532MEV $487M
Premium—To unaffected price
EV / Adj. EBITDA—10.3x EV / Revenue
ConsiderationAll cash$8.50 per share
Transaction
- Acquirer
- Supernus Pharmaceuticals, Inc. (SUPN)
- Target
- Sage Therapeutics, Inc. (SAGE)
- Buyer type
- Strategic
- Offer price per share
- $8.50
- Enterprise value
- $487M
- Status
- Closed Jul 31, 2025
Deal protections
- Break fee (target pays)
- $22.4M · 4.2%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Moelis
- To the target
- Goldman Sachs
- Goldman Sachs fee
- $14.7M
Sector context · Healthcare
- Comparable deals
- 91 in the prior 24 months
- Premium
- Sector median 67.0%
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 4.2% vs. 3.5% sector median
Timeline
- AnnouncedJun 16, 2025
- Tender offerJul 2, 2025
- ClosedJul 31, 2025
Valuation · fairness opinions
Discounted cash flow$8.70$9.45
Precedent transactions$7.99$9.55
Offer $8.50
Implied value per Sage Therapeutics, Inc. share by analysis, from Goldman Sachs · DCF discount rate 14.5%–16.5%.