M&A News: Sage Therapeutics, Biogen, Lantheus & More
The latest news on mergers and acquisitions featuring Sage Therapeutics/Biogen and Lantheus/Evergreen Theragnostics. Highlights below.
* Sage Therapeutics Seeks Strategic Alternatives for Company; Formally Rejects Biogen Bid
* Lantheus To Acquire Radiopharma Company & CDMO Evergreen Theragnostics in $1-Bn Deal
Sage Therapeutics Seeks Strategic Alternatives for Company; Formally Rejects Biogen Bid
Sage Therapeutics, a Cambridge, Massachusetts-based bio/pharmaceutical company, has announced that its Board of Directors has initiated a process to explore strategic alternatives for the company. The company says its Board intends to evaluate a broad range of opportunities to maximize value for shareholders, including but not limited to, a potential strategic transaction, business combination, or sale.
In addition, Sage announced that its Board has unanimously rejected a previous unsolicited, nonbinding proposal it received from Biogen on January 10, 2025, to acquire all outstanding shares of Sage not already owned by Biogen for $7.22 per share.
Founded in 2020, Sage Therapeutics focuses on neuroscience and developing treatments for the modulation of gamma-aminobutyric acid (GABA) and N-methyl-D-aspartate (NMDA) receptors, two neurotransmitter systems. The GABA system is the major inhibitory signaling pathway of the brain and central nervous system; NMDA is the major excitatory pathway, with both contributing to regulating CNS function, according to information from the company.
The company’s lead drug is Zurzuvae (zuranolone), a FDA-approved treatment indicated for postpartum depression, in which it is partnered with Biogen, and the company is also advancing a pipeline in brain health. In August 2023, the US Food and Drug Administration issued a Complete Response Letter for the new drug application for zuranolone in the treatment of adults with major depressive disorder (MDD) and at that time, the companies decided not to pursue further development of zuranolone as a treatment for MDD in the US.
Source: Sage Therapeutics
Lantheus To Acquire Radiopharma Company & CDMO Evergreen Theragnostics in $1-Bn Deal
Lantheus Holdings, a North Billerica, Massachusetts-based bio/pharmaceutical company focused on radiopharmaceuticals, has agreed to acquire Evergreen Theragnostics, a Springfield, New Jersey-based clinical-stage radiopharmaceutical company and CDMO of radiopharmaceuticals, in an approximate $1-billion deal (upfront payment of $250 million and up to an additional $752.5 million in potential milestone payments).
The acquisition advances Lantheus’ capabilities with the addition of Evergreen’s radioligand therapy manufacturing infrastructure, including a revenue-generating CDMO business. Additionally, as part of the deal, Lantheus will acquire Octevy, a registrational-stage diagnostic imaging agent. Subject to FDA approval, Octevy is expected to be indicated for use with positron emission tomography (PET) for localization of somatostatin receptor-positive NETs in adult and pediatric patients.
Under the agreement, Lantheus will pay an upfront amount of $250 million, payable in cash at closing, and up to $752.5 million in development and sales milestones related to Octevy and Evergreen’s clinical and preclinical pipeline. The transaction has been approved by the Boards of Directors of both companies and is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory clearances.
Source: Lantheus and Evergreen Therapeutics