Core Viewpoint - The acquisition of Sage Therapeutics by Supernus Pharmaceuticals enhances its position in neuropsychiatric conditions, introducing the innovative product ZURZUVAE® and a new CNS discovery platform, which is expected to drive revenue and cash flow growth while diversifying the revenue base [1][2]. Acquisition Details - Supernus completed the acquisition of Sage for $8.50 per share in cash, plus a contingent value right (CVR) that could yield up to an additional $3.50 per share based on specific milestones [3][4]. - A total of 36,313,509 shares, representing approximately 58% of Sage's outstanding shares, were validly tendered in the offer [10]. Strategic Rationale - The acquisition adds a significant fourth growth product to Supernus's portfolio, expected to be accretive in 2026 due to anticipated cost synergies of up to $200 million annually [2][7]. - ZURZUVAE is the first FDA-approved oral medication for postpartum depression, which strengthens Supernus's psychiatry portfolio [7]. Milestone Payments - The CVR includes milestone payments based on ZURZUVAE's commercial success, including: - $0.50 per CVR upon the first commercial sale in Japan by June 30, 2026 [5]. - $1.00 per CVR if U.S. net sales reach $250 million by December 31, 2027 [6]. - $1.00 per CVR if U.S. net sales reach $300 million by December 31, 2028 [8]. - $1.00 per CVR if U.S. net sales reach $375 million by December 31, 2030 [8]. Company Overview - Supernus Pharmaceuticals focuses on developing and commercializing products for CNS diseases, with a diverse portfolio that includes treatments for ADHD, Parkinson's disease, postpartum depression, and more [13][14].