SAGE Rejects Biogen's Offer to Buy Remaining Stake, Stock Up

Sage Therapeutics (SAGE) announced that its board of directors has rejected the unsolicited, non-binding proposal offer from drug giant Biogen (BIIB) to acquire the remaining shares of SAGE.Per Sage Therapeutics, the BIIB offer significantly undervalues the company and is not in the best interest of shareholders.SAGE’s board of directors has now started exploring strategic alternatives and evaluating other options to maximize its shareholders’ value.Shares of SAGE were up 4.8% on Jan. 27 following the news ...