Supernus Pharmaceuticals收购Sage Therapeutics，加强其神经精神科产品组合-动脉网

Supernus Pharmaceuticals to Acquire Sage Therapeutics, Strengthening its Neuropsychiatry Product Portfolio

SAGE Therapeutics 等信源发布 2025-06-16 19:37

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Proposed acquisition expected to accelerate mid- to long-term revenue and cash flow growth and further diversify revenue base.

预计拟议的收购将加速中期至长期的收入和现金流增长，并进一步多元化收入基础。

Strengthens Supernus’ leading presence in neuropsychiatric conditions with an innovative commercial product, ZURZUVAE

通过创新的商业产品ZURZUVAE，巩固了Supernus在神经精神疾病领域的领先地位。

(zuranolone), and a novel CNS discovery platform.

(zuranolone)，以及一个新颖的中枢神经系统（CNS）发现平台。

Expected to be significantly accretive in 2026 with potential cost synergies of up to $200 million on an annual basis.

预计到2026年将显著增长，潜在的年度成本协同效应高达2亿美元。

Upfront cash payment of $8.50 per share, plus one non-tradable contingent value right (CVR) payable upon achieving certain specific milestones collectively worth up to $3.50 per share in cash, for an aggregate of up to approximately $795 million or $12.00 per share.

每股8.50美元的现金预付款，加上一项不可交易的或有价值权（CVR），在达成某些特定里程碑时以现金支付，总计每股最高可达3.50美元，总金额最高约为7.95亿美元，或每股12.00美元。

Supernus to host conference call and webcast today at 8:30 a.m. ET.

Supernus今天上午8:30（东部时间）将举办电话会议和网络直播。

ROCKVILLE, Md. and CAMBRIDGE, Mass., June 16, 2025 (GLOBE NEWSWIRE) -- Supernus Pharmaceuticals, Inc. (Nasdaq: SUPN) and Sage Therapeutics, Inc. (Nasdaq: SAGE), today announced a definitive agreement for Supernus to 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).

马里兰州罗克维尔和马萨诸塞州剑桥，2025年6月16日（GLOBE NEWSWIRE）——Supernus Pharmaceuticals, Inc.（纳斯达克股票代码：SUPN）与Sage Therapeutics, Inc.（纳斯达克股票代码：SAGE）今日宣布了一项最终协议，Supernus将以每股8.50美元现金（总计约5.61亿美元）通过要约收购Sage，并在交割时支付一笔不可交易的或有价值权（CVR），总计每股最高可额外获得3.50美元现金（总计约2.34亿美元），总对价为每股12.00美元现金（总计最高约为7.95亿美元）。

The CVR is payable upon achieving certain net sales and commercial milestones. The transaction is expected to close in the third quarter of 2025..

CVR在实现特定的净销售额和商业里程碑后支付。该交易预计将在2025年第三季度完成。

The transaction will provide Supernus with an innovative marketed product: ZURZUVAE

这笔交易将为Supernus提供一款创新的上市产品：ZURZUVAE。

(zuranolone) capsules CIV, the first and only U.S. Food and Drug Administration (FDA)-approved oral medicine indicated for the treatment of adults with postpartum depression. Through a collaboration agreement with Biogen, Inc., Supernus will report collaboration revenue that is 50% of total net revenue Biogen records for ZURZUVAE in the U.S..

(zuranolone)胶囊CIV，是美国食品药品监督管理局（FDA）批准的首个也是唯一一个用于治疗成人产后抑郁症的口服药物。根据与Biogen公司达成的合作协议，Supernus将报告其在美国市场ZURZUVAE总净收入的50%作为合作收入。

“This acquisition represents a major step in bolstering our future growth. It augments our growth profile by adding a significant fourth growth product to our portfolio and further diversifies our sources of future growth. ZURZUVAE aligns with our focus of acquiring novel value-enhancing and clinically-differentiated medicines to treat CNS conditions,” said Jack Khattar, President and CEO of Supernus Pharmaceuticals.

“此次收购是我们未来增长迈出的重要一步。它通过为我们的产品组合增加了一个重要的第四增长产品，进一步丰富了我们的增长前景，并进一步多元化了我们未来的增长来源。ZURZUVAE 与我们获取新型增值和临床差异化的中枢神经系统疾病治疗药物的战略重点高度契合，”Supernus Pharmaceuticals 总裁兼首席执行官 Jack Khattar 表示。

“We have a proven track record of strong commercial execution, and we look forward to building on ZURZUVAE’s U.S. growth momentum and collaboration with Biogen, so that more women with postpartum depression can benefit from this novel treatment.”.

“我们有强大的商业执行力的可靠记录，我们期待在ZURZUVAE美国增长势头和与Biogen的合作基础上继续努力，以便更多患有产后抑郁症的女性能够从这种新颖的治疗方法中受益。”

“Since our founding, Sage Therapeutics has been committed to pioneering new solutions in brain health, one of the most complex and underserved areas of medicine,” said Barry Greene, Chief Executive Officer, Sage Therapeutics. “We are proud of what we’ve accomplished, including successfully developing and commercializing ZURZUVAE, the first and only oral treatment for women with postpartum depression.

“自成立以来，Sage Therapeutics一直致力于在脑健康领域开拓新的解决方案，这是医学界最复杂且服务不足的领域之一，”Sage Therapeutics首席执行官巴里·格林表示。“我们为所取得的成就感到自豪，包括成功开发并商业化ZURZUVAE——首个也是唯一用于治疗产后抑郁症女性的口服药物。”

This transaction follows a comprehensive strategic review by our Board of Directors, and I am confident this deal maximizes value for shareholders. I want to express my deepest gratitude to the Sage team for their unwavering commitment to brain health and improving the lives of patients. We look forward to our next chapter with Supernus.”.

这笔交易是在我们的董事会进行全面战略审查后进行的，我坚信这项交易将为股东实现价值最大化。我要对Sage团队表达最深切的感谢，他们始终致力于脑健康并改善患者的生活。我们期待与Supernus携手开启下一个篇章。

Strategic and Financial Benefits

战略和财务利益

Strengthens psychiatry portfolio with ZURZUVAE

通过ZURZUVAE加强精神病学产品组合

(zuranolone) capsules CIV, the first and only FDA-approved oral medicine indicated for the treatment of postpartum depression in adults.

(zuranolone) 胶囊 CIV，是首个也是唯一获得 FDA 批准的用于治疗成人产后抑郁症的口服药物。

Diversifies and increases revenue base and cash flow.

实现收入来源和现金流的多元化并增加其规模。

Collaboration revenue from net sales of ZURZUVAE (representing 50% of the net revenue recorded by Biogen) was $36.1 million and $13.8 million for the full year 2024 and for the first quarter of 2025, respectively.

ZURZUVAE 的合作收入（占 Biogen 记录的净收入的 50%）在 2024 年全年和 2025 年第一季度分别为 3610 万美元和 1380 万美元。

Combined with its three other growth products (Qelbree

结合其另外三种增长产品（Qelbree

, ONAPGO

，ONAPGO

商标

, and GOCOVRI

，以及GOCOVRI

), Supernus believes it is poised for significant future growth.

），Supernus认为其未来增长潜力巨大。

Augments Supernus central nervous system (CNS) discovery platforms and expertise.

增强 Supernus 中枢神经系统 (CNS) 发现平台和专业知识。

Strong fit with existing Supernus infrastructure is expected to result in cost synergies of up to $200 million on an annual basis.

预计与现有的Supernus基础设施高度契合，将带来每年高达2亿美元的成本协同效应。

The acquisition is expected to be significantly accretive in 2026.

预计到2026年，此次收购将带来显著的增值。

Terms and Financing

条款与融资

Under the terms of the agreement, Supernus will commence a tender offer to acquire all outstanding shares of Sage Therapeutics, Inc. for a purchase price of $8.50 per share in cash (or an aggregate of approximately $561 million) payable at closing plus one non-tradable CVR. All cash consideration will be funded through existing balance sheet cash..

根据协议条款，Supernus 将发起要约收购 Sage Therapeutics, Inc. 的所有已发行股份，收购价格为每股 8.50 美元现金（总计约 5.61 亿美元），在交割时支付，另加一份不可交易的或有价值权 (CVR)。所有现金对价将通过现有的资产负债表现金支付。

The CVR entitles Sage stockholders to receive up to an additional $3.50 per share payable upon ZURZUVAE achieving certain sales and commercial milestones within certain specified periods (subject to the terms and conditions contained in a Contingent Value Rights Agreement detailing the terms of the CVR).

CVR 赋予 Sage 股东在 ZURZUVAE 达到特定销售和商业里程碑的条件下，于特定期限内获得每股最高额外 3.50 美元的权利（具体受《或有价值权协议》中包含的条款和条件约束，该协议详细规定了 CVR 的条款）。

These milestones include (1) $1.00 per share payable if in any calendar year between closing and end of 2027, annual net sales of ZURZUVAE allocable to Supernus reach $250 million or more in the U.S., (2) $1.00 per share payable if in any calendar year between closing and end of 2028, annual net sales of ZURZUVAE allocable to Supernus reach $300 million or more in the U.S., (3) $1.00 per share payable if in any calendar year between closing and end of 2030, annual net sales of ZURZUVAE allocable to Supernus reach $375 million or more in the U.S., and (4) $0.50 per share at first commercial sale in Japan to a third-party customer after regulatory approval for ZURZUVAE for the treatment of major depressive disorder (MDD) in Japan by June 30, 2026..

这些里程碑包括：(1) 如果在交割后至 2027 年底之间的任何日历年中，Supernus 在美国的 ZURZUVAE 年净销售额达到或超过 2.5 亿美元，则每股支付 1.00 美元；(2) 如果在交割后至 2028 年底之间的任何日历年中，Supernus 在美国的 ZURZUVAE 年净销售额达到或超过 3 亿美元，则每股支付 1.00 美元；(3) 如果在交割后至 2030 年底之间的任何日历年中，Supernus 在美国的 ZURZUVAE 年净销售额达到或超过 3.75 亿美元，则每股支付 1.00 美元；以及 (4) 在 2026 年 6 月 30 日之前 ZURZUVAE 获得日本监管机构批准用于治疗重度抑郁症（MDD）后，首次向第三方客户在日本进行商业销售时，每股支付 0.50 美元。

Approvals and Timing of Close

批准与关闭时间

The transaction, which has been approved by the boards of directors of both companies, is expected to close in the third quarter of 2025, subject to customary closing conditions, including receipt of required regulatory approvals and the tender of a majority of the outstanding shares of Sage’s common stock.

该交易已获得两家公司董事会的批准，预计将于2025年第三季度完成，但需满足惯例的交割条件，包括获得所需的监管批准以及大多数流通在外的Sage普通股的要约收购。

Following the successful closing of the tender offer, Supernus will acquire any shares of Sage that are not tendered in the tender offer through a second-step merger at the same consideration as paid in the tender offer..

在成功完成要约收购后，Supernus将通过第二步合并以与要约收购相同的对价收购未在要约收购中出售的Sage股份。

Full Year Financial Guidance

全年财务指导方针

Supernus will provide revised full year 2025 financial guidance after the closing of the transaction, which is expected in the third quarter of 2025.

Supernus 将在交易完成后提供修订的 2025 年全年财务指导，预计将在 2025 年第三季度完成。

Advisors

顾问

Moelis & Company LLC is acting as the exclusive financial advisor to Supernus. Goldman Sachs & Co. LLC is acting as the exclusive financial advisor to Sage. Saul Ewing LLP is serving as legal counsel to Supernus. Kirkland & Ellis LLP is serving as legal counsel to Sage.

Moelis & Company LLC 担任 Supernus 的独家财务顾问。高盛有限责任公司（Goldman Sachs & Co. LLC）担任 Sage 的独家财务顾问。Saul Ewing LLP 担任 Supernus 的法律顾问。Kirkland & Ellis LLP 担任 Sage 的法律顾问。

Conference Call and Webcast Information

电话会议和网络直播信息

A conference call and a live webcast will be hosted today, June 16, 2025, at 8:30 a.m. ET, to discuss the transaction. A live webcast will be available in the

电话会议和现场网络直播将于 2025 年 6 月 16 日东部时间上午 8 点 30 分举行，以讨论本次交易。现场网络直播将在

Events & Presentations

事件与展示

section of the Supernus Investor Relations website

Supernus投资者关系网站的部分内容

www.supernus.com/investors

。

Participants may also pre-register any time before the call

参与者也可以在电话会议之前随时预注册。

here

这里

. Once registration is completed, participants will be provided a dial-in number with a personalized conference code to access the call. Please dial in 15 minutes prior to the start time.

一旦注册完成，参与者将获得一个带有个性化会议代码的拨入号码以接入电话。请在开始时间前15分钟拨入。

Following the live call, a replay will be available on the Supernus Investor Relations website

现场电话会议结束后， Supernus投资者关系网站将提供重播。

www.supernus.com/investors

. The webcast will be available on the Supernus website for 60 days following the live call.

网络直播将在直播结束后60天内在Supernus网站上提供。

About Supernus Pharmaceuticals, Inc.

关于Supernus Pharmaceuticals公司

Supernus Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases.

Supernus Pharmaceuticals是一家生物制药公司，专注于开发和商业化用于治疗中枢神经系统 (CNS) 疾病的产品。

Our diverse neuroscience portfolio includes approved treatments for attention-deficit hyperactivity disorder (ADHD), dyskinesia in Parkinson’s disease (PD) patients receiving levodopa-based therapy, hypomobility in PD, epilepsy, migraine, cervical dystonia, and chronic sialorrhea. We are developing a broad range of novel CNS product candidates including new potential treatments for epilepsy, depression, and other CNS disorders..

我们多样化的精神病学产品组合包括已批准的治疗注意力缺陷多动障碍（ADHD）、接受左旋多巴治疗的帕金森病（PD）患者的运动障碍、帕金森病的运动过缓、癫痫、偏头痛、颈肌张力障碍和慢性流涎症的药物。我们正在开发广泛的新中枢神经系统产品候选药物，包括癫痫、抑郁症和其他中枢神经系统疾病的新潜在治疗方法。

For more information, please visit

欲了解更多信息，请访问

www.supernus.com

。

About Sage Therapeutics

关于Sage Therapeutics

Sage Therapeutics (Nasdaq: SAGE) is a biopharmaceutical company committed to our mission of pioneering solutions to deliver life-changing brain health medicines, so every person can thrive. Sage developed the only two FDA-approved treatments indicated for postpartum depression and is advancing a pipeline to target unmet needs in brain health.

Sage Therapeutics（纳斯达克代码：SAGE）是一家致力于开创变革性大脑健康药物解决方案的生物制药公司，旨在让每个人都能茁壮成长。Sage研发了唯一两种获FDA批准的产后抑郁症治疗药物，并正在推进一条针对大脑健康未满足需求的管线。

Sage was founded in 2010 and is headquartered in Cambridge, Mass..

Sage 成立于2010年，总部位于马萨诸塞州剑桥市。

Find out more at

了解更多，请访问

www.sagerx.com

or engage with us on

或与我们互动

Facebook

脸书

，

领英

，

Instagram

图享

, and

，以及

。

For more information about ZURZUVAE, please visit

有关 ZURZUVAE 的更多信息，请访问

www.zurzuvae.com

。

Additional Information About the Tender Offer and Where to Find It

关于要约收购的更多信息及其查找位置

The tender offer for the outstanding common stock of Sage Therapeutics, Inc. (“Sage”) has not been commenced. This filing does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Sage securities. At the time the tender offer is commenced, Supernus Pharmaceuticals, Inc.

针对Sage Therapeutics, Inc.（“Sage”）尚未启动对其未偿普通股的要约收购。本文件不构成对Sage证券的推荐、购买要约或出售要约的征求。在要约收购开始时，Supernus Pharmaceuticals, Inc.

(“Supernus”) will file a Tender Offer Statement on Schedule TO (including an Offer to Purchase) with the Securities and Exchange Commission (the “SEC”) and thereafter, Sage will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC, in each case, with respect to the tender offer.

（“Supernus”）将向证券交易委员会（“SEC”）提交一份附表TO的要约收购声明（包括购买要约），随后，Sage将向SEC提交一份附表14D-9的征求/建议声明，每份文件均与要约收购相关。

The solicitation and offer by Supernus to purchase shares of Sage common stock will only be made pursuant to such Offer to Purchase and related materials. Once filed, investors and security holders are urged to read these materials (including the Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) carefully since they will contain important information that Sage investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer.

Supernus征求并提议购买Sage普通股的要约将仅根据该购买要约及相关材料进行。一旦提交，投资者和证券持有人应仔细阅读这些材料（包括购买要约、相关的转交函以及某些其他要约文件，每份文件可能会不时修订或补充），因为它们将包含Sage投资者和证券持有人在做出任何有关是否出售其普通股的决定前应考虑的重要信息，包括要约的条款和条件。

The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials will be filed with the SEC, and Sage investors and security holders may obtain a free copy of these materials (when available) and other documents filed by Supernus, Purchaser and Sage with the SEC at the website maintained by the SEC at www.sec.gov.

要约收购声明、购买要约、征集/建议声明及相关材料将提交给美国证券交易委员会（SEC），Sage的投资者和证券持有人可以在SEC网站www.sec.gov上免费获取这些材料（一旦可用）以及Supernus、收购方和Sage向SEC提交的其他文件。

In addition, the Tender Offer Statement and other documents that Supernus and Purchaser file with the SEC will be made available to all investors and security holders of Sage free of charge from .

此外，Supernus和收购方提交给美国证券交易委员会的要约收购声明及其他文件将免费提供给Sage的所有投资者和证券持有人。

https://www.supernus.com/

and (ii) Sage under the “Investors & Media” section of Sage’s website at

以及 (ii) Sage 在其网站“投资者与媒体”部分下的

https://www.sagerx.com/

。

Supernus Forward-Looking Statements

Supernus前瞻性声明

This press release includes forward-looking statements. These statements do not convey historical information but relate to predicted or potential future events that are based upon management's current expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

本新闻稿包含前瞻性陈述。这些陈述并非传达历史信息，而是基于管理层当前预期的预测或潜在未来事件。这些陈述受制于可能导致实际结果与这些陈述中表达或暗示的结果有重大差异的风险和不确定性。

In addition to the factors mentioned in this press release, such risks and uncertainties include, but are not limited to, the risk that the proposed acquisition of Sage by Supernus may not be completed; the possibility that competing offers or acquisition proposals for Sage will be made; the delay or failure of the tender offer conditions to be satisfied (or waived), including insufficient shares of Sage common stock being tendered in the tender offer; the failure (or delay) to receive the required regulatory approvals of the proposed acquisition; the possibility that prior to the completion of the transactions contemplated by the acquisition agreement, Supernus’ or the Sage’s business may experience significant disruptions due to transaction related uncertainty; the effects of disruption from the transactions of Sage’s business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees, manufactures, suppliers, vendors, business partners and distribution channels to patients; the occurrence of any event, change or other circumstance that could give rise to the termination of the acquisition agreement; the risk that stockholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability; the failure of the closing conditions set forth in the ac.

除本新闻稿中提到的因素外，此类风险和不确定性包括但不限于：Supernus收购Sage的拟议交易可能无法完成的风险；可能会出现针对Sage的竞争性报价或收购提议；要约收购条件可能延迟或未能满足（或被豁免），包括在要约收购中提交的Sage普通股股份不足；未能（或延迟）获得拟议收购所需的监管批准；在收购协议所设想的交易完成之前，Supernus或Sage的业务可能因与交易相关的不确定性而遭遇重大中断；Sage业务因交易引发的干扰影响，以及交易公告及其待定状态可能导致与员工、制造商、供应商、经销商、商业伙伴及患者分销渠道建立或维持关系变得更加困难；任何事件、变化或其他可能导致收购协议终止的情况的发生；与拟议交易相关的股东诉讼可能导致高昂的辩护、赔偿和责任成本；未能满足收购协议中规定的交割条件所带来的风险。

Sage Forward Looking Statements

前瞻性声明

This press release contains forward-looking statements related to Sage, Supernus, the tender offer for outstanding shares of Sage common stock (the “Offer”), the merger of Saphire, Inc., a Delaware corporation and a wholly owned subsidiary of Supernus with and into Sage, with Sage surviving as a wholly owned subsidiary of Supernus (the “Merger”), the Agreement and Plan of Merger, dated June 13, 2025, by and among Supernus, Purchaser, and Sage (the “Merger Agreement”) and the other transactions contemplated by the Merger Agreement (collectively, the “Transactions”) that involve substantial risks and uncertainties.

本新闻稿包含与Sage、Supernus、针对Sage普通股未清股份的要约收购（“要约”）、Saphire公司（特拉华州的一家公司，Supernus的全资子公司）与Sage合并且Sage作为Supernus的全资子公司存续的合并（“合并”）、日期为2025年6月13日由Supernus、Purchaser和Sage签署的《合并协议及计划》（“合并协议”）以及合并协议所设想的其他交易（统称为“交易”）相关的前瞻性陈述，涉及重大风险和不确定性。

Forward-looking statements include any statements containing the words “anticipate,” “believe,” “contemplate,” “estimate,” “expect,” “intend”, “goal,” “may”, “might,” “plan,” “predict,” “project,” “seek,” “opportunity,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue” and similar expressions.

前瞻性声明包括包含以下词语的任何声明：“预期”、“相信”、“考虑”、“估计”、“预计”、“意图”、“目标”、“可能”、“或许”、“计划”、“预测”、“项目”、“寻求”、“机会”、“目标”、“潜力”、“将”、“会”、“可以”、“应该”、“继续”以及类似表达。

In this press release, Sage’s forward-looking statements include statements about the parties’ ability to satisfy the conditions to the consummation of the Offer and the other conditions to the consummation of the Transactions; statements about the expected timetable for completing the Transactions; Sage’s plans, objectives, expectations and intentions; the financial condition, results of operations and business of Sage and Supernus; Sage’s ability to commercialize current and future product candidates (including further commercialization of ZURZUVAE); and the anticipated timing of the closing of the Transactions..

在此新闻稿中，Sage的前瞻性声明包括有关各方满足完成要约的条件及其他交易完成条件的能力的声明；有关完成交易的预期时间表的声明；Sage的计划、目标、期望和意图；Sage和Supernus的财务状况、经营结果和业务；Sage将现有和未来产品候选者（包括进一步推广ZURZUVAE）商业化的能力；以及交易预计完成的时间。

Forward-looking statements are subject to certain risks, uncertainties or other factors that are difficult to predict, and could cause actual events or results to differ materially from those indicated in any such statements due to a number of risks and uncertainties. Those risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include, among other things: uncertainties as to the timing of the Offer and the Merger; uncertainties as to how many of Sage’s stockholders will tender their Shares in the Offer; risks related to non-achievement of the CVR milestones and that holders of the CVRs will not receive any payments in respect of those CVRs; the possibility that competing offers will be made; the possibility that various closing conditions for the Transactions may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Transactions; the effects of the Transactions on relationships with employees, other business partners or governmental entities; the difficulty of predicting the timing or outcome of U.S.

前瞻性声明受某些风险、不确定性或其他因素的影响，这些因素难以预测，可能导致实际事件或结果与任何此类声明中表明的情况存在重大差异，原因是存在多种风险和不确定性。这些风险和不确定性可能导致实际结果与前瞻性声明中预期的结果不同，其中包括但不限于：对要约和合并的时间安排的不确定性；对于Sage的股东中有多少人会在要约中出售其股份的不确定性；与未能实现CVR里程碑相关的风险，以及CVR持有人可能无法就这些CVR获得任何付款的风险；可能会有竞争性报价的风险；各种交易完成条件可能无法满足或被豁免的可能性，包括政府实体可能禁止、延迟或拒绝批准交易的完成；交易对与员工、其他商业伙伴或政府实体关系的影响；预测美国相关行动的时机或结果的困难性；等。

Food and Drug Administration approvals or actions, if any; the impact of competitive products and pricing; that Supernus may not realize the potential benefits of the Transactions; other business effects, including the effects of industry, economic or political conditions outside of the companies’ control; transaction costs; actual or contingent liabilities; Sage’s launch and commercialization efforts in the U.S.

食品和药物管理局的批准或行动（如有）；竞争产品和定价的影响；Supernus可能无法实现交易的潜在利益；其他业务影响，包括公司控制之外的行业、经济或政治条件的影响；交易成本；实际或或有负债；Sage在美国的上市和商业化努力。

with respect to ZURZUVAE for the treatment of women with PPD may not be successful; ZURZUVAE may not achieve the clinical benefit, clinical use or market acceptance for the treatment of PPD Sage or Super.

关于ZURZUVAE治疗产后抑郁症（PPD）女性可能不会成功；ZURZUVAE可能无法为治疗PPD Sage或Super带来临床益处、临床应用或市场认可。

SELECT IMPORTANT SAFETY INFORMATION FOR ZURZUVAE

选择ZURZUVAE的重要安全信息

ZURZUVAE (zuranolone) CIV, is a neuroactive steroid gamma-aminobutyric acid (GABA) A receptor positive modulator indicated for the treatment of postpartum depression in adults.

ZURZUVAE（zuranolone）CIV，是一种神经活性类固醇γ-氨基丁酸（GABA）A受体正向调节剂，用于治疗成人产后抑郁症。

This does not include all the information needed to use ZURZUVAE safely and effectively. See

这并不包括安全有效使用ZURZUVAE所需的所有信息。请参阅

full prescribing information

完整处方信息

for ZURZUVAE.

适用于ZURZUVAE。

ZURZUVAE may cause serious side effects, including decreased awareness and alertness, which can affect your ability to drive safely or safely do other dangerous activities. Do not drive, operate machinery, or do other dangerous activities until at least 12 hours after taking each dose. You may not be able to tell on your own if you can drive safely or tell how much ZURZUVAE is affecting you.

ZURZUVAE 可能会引起严重的副作用，包括意识和警觉性降低，这可能会影响您安全驾驶或安全进行其他危险活动的能力。在每次服药后至少 12 小时内，不要驾驶、操作机器或进行其他危险活动。您可能无法自行判断是否能够安全驾驶，也无法判断 ZURZUVAE 对您的影响有多大。

ZURZUVAE may cause central nervous system (CNS) depressant effects including sleepiness, drowsiness, slow thinking, dizziness, confusion, and trouble walking. Taking alcohol, other medicines that cause CNS depressant effects such as benzodiazepines, or opioids while taking ZURZUVAE can make these symptoms worse and may also cause trouble breathing.

ZURZUVAE 可能导致中枢神经系统 (CNS) 抑制效应，包括嗜睡、昏沉、思维迟缓、头晕、困惑和行走困难。在服用 ZURZUVAE 时，如果同时饮酒、服用其他导致中枢神经系统抑制的药物（如苯二氮卓类药物或阿片类药物），可能会加重这些症状，并可能导致呼吸困难。

ZURZUVAE is a federally controlled substance schedule IV because it contains zuranolone, which can be abused or lead to dependence. Tell your healthcare provider right away if you become pregnant or plan to become pregnant during treatment with ZURZUVAE. You should use effective birth control (contraception) during treatment with ZURZUVAE and for 1 week after the final dose.

ZURZUVAE 是一种联邦管制的第四类物质，因为它含有祖拉诺酮，这种成分可能被滥用或导致依赖。如果您在使用 ZURZUVAE 治疗期间怀孕或计划怀孕，请立即告知您的医疗保健提供者。在使用 ZURZUVAE 治疗期间以及最后一剂后的一周内，您应采取有效的避孕措施。

ZURZUVAE and other antidepressant medicines may increase the risk of suicidal thoughts and actions in people 24 years of age and younger. ZURZUVAE is not for use in children. The most common side effects of ZURZUVAE include sleepiness or drowsiness, dizziness, common cold, diarrhea, feeling tired, weak, or having no energy, and urinary tract infection..

ZURZUVAE和其他抗抑郁药物可能会增加24岁及以下人群产生自杀念头和行为的风险。ZURZUVAE不适用于儿童。ZURZUVAE最常见的副作用包括嗜睡、头晕、普通感冒、腹泻、疲倦、乏力或无精打采以及尿路感染。

Supernus Pharmaceuticals Contacts

Supernus Pharmaceuticals联系方式

Jack A. Khattar, President and CEO

杰克·A·卡塔尔，总裁兼首席执行官

Tim Dec, Senior Vice President and CFO

蒂姆·德克，高级副总裁兼首席财务官

Supernus Pharmaceuticals, Inc.

Supernus制药公司

(301) 838-2591

Investors:

投资者：