The latest news on mergers and acquisitions featuring. Highlights below. 

* Supernus Pharma to Acquire Sage Therapeutics in $795-M Deal 
* Regeneron Outbid for Genetic Testing Company 23andMe 

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Supernus Pharma to Acquire Sage Therapeutics in $795-M Deal 
Supernus Pharmaceuticals, a Rockville, Maryland-based bio/pharmaceutical company, has agreed to acquire Sage Therapeutics, a Cambridge, Massachusetts-based bio/pharmaceutical company, in a deal worth up to $795 million ($561 million upfront and $234 million in milestone payments). 

The transaction will provide Supernus with Zurzuvae (zuranolone) capsules CIV, a US Food and Drug Administration (FDA)-approved oral medicine indicated for the treatment of adults with postpartum depression. Through a collaboration agreement with Biogen, Supernus will report collaboration revenue that is 50% of total net revenue Biogen records for Zurzuvae in the US. 

Under the agreement, Supernus will acquire Sage through a tender offer for $8.50 per share in cash (or an aggregate of approximately $561 million), payable at closing, plus one non-tradable contingent value right (CVR) collectively worth up to $3.50 per share in cash (or an aggregate of approximately $234 million), for total consideration of $12.00 per share in cash (or an aggregate of up to approximately $795 million). The CVR is payable upon achieving certain net sales and commercial milestones. The transaction is expected to close in the third quarter of 2025. 

Source: Supernus Pharmaceuticals 

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Regeneron Outbid for Genetic Testing Company 23andMe 
23andMe, a genetics testing company, has entered into a definitive agreement with TTAM Research Institute, a nonprofit public benefit corporation based in California and led by 23andMe co-founder and former CEO Anne Wojcicki, for the sale of substantially all of the company’s assets, for a purchase price of $305 million. The agreement includes the Personal Genome Service (PGS) and Research Services business lines and the Lemonaid Health business of 23andMe 

The agreement with TTAM is the result of a final round of bidding that occurred between TTAM and Regeneron Pharmaceuticals, which had earlier bid $256 billion for of 23andMe last month (May 2025). The final round of bidding was conducted according to procedures approved by the US Bankruptcy Court for the Eastern District of Missouri. At the conclusion of the final round of bidding, TTAM was selected as the winning bidder and Regeneron was selected as the backup bidder. 

Upon court approval of the proposed transaction, the definitive agreement with TTAM will fully replace and nullify the previously announced acquisition and underlying asset purchase agreement with Regeneron to acquire 23andMe for $256 million. 

Source: 23andMe