(Reuters) – Drugmaker Biogen (NASDAQ: ) will buy all Sage Therapeutics shares it does not already own for $7.22 apiece, a filing showed on Friday, sending the latter’s shares up 34% in extended trade.
Biogen has a 10.2% stake in Sage Therapeutics, according to the filing. The offer price, which represents a 30% premium to the stock’s close on Friday, values Sage’s capital at $441.7 million, according to Reuters calculations.
Biogen has been slow to grow sales of its Alzheimer’s drug Leqembi in the United States after concerns about cost, efficacy and side effects.
Sage, whose shares fell 74.9 percent last year, abandoned development of its drug dalzanemdor after multiple trial failures. The company said in November it would focus on its postpartum depression drug, Zurzuvae, which it developed in partnership with Biogen.
In July, Sage also abandoned development of another neurological disorder drug it was developing with Biogen.
