Sage Therapeutics has agreed to be acquired by Supernus Pharma in a deal valued at around $571 million, bringing together two companies working on central nervous system therapies that have suffered recent setbacks.

Sage Therapeutics已同意被Supernus Pharma以约5.71亿美元的交易收购，将两家近期遭遇挫折的中枢神经系统治疗公司合并在一起。

The terms include an upfront payment of $8.50 per share for Sage, giving Supernus rights to its FDA-approved post-partum depression (PPD) therapy, Zurzuvae (zuranolone), with another $3.50 on offer if certain sales and commercial milestones are met, which would raise the value of the deal to $795 million..

这些条款包括向Sage支付每股8.50美元的预付款，使Supernus获得其FDA批准的产后抑郁症（PPD）治疗药物Zurzuvae（zuranolone）的权益，并在达成特定销售和商业里程碑时再提供每股3.50美元的额外付款，这将使交易价值提升至7.95亿美元。

The agreement comes after Sage filed a lawsuit to block a $469 million takeover from Biogen, its longstanding partner for Zurzuvae, saying the offer significantly undervalued its business.

该协议是在Sage提起诉讼以阻止其长期Zurzuvae合作伙伴Biogen以4.69亿美元收购该公司之后达成的，Sage称该报价严重低估了其业务价值。

That offer was seen as opportunistic, given that Sage's share price has lost more than 90% of its value over the last couple of years due to a string of regulatory and pipeline setbacks including the FDA's decision

鉴于Sage的股价在过去几年中由于一系列监管和研发管线的挫折，包括FDA的决定，已经损失了超过90%的价值，这一报价被视为投机性的。

not to approve

不批准

Zurzuvae in the much larger major depressive disorder (MDD) indication and multiple trial failures for

Zurzuvae 在更大范围的重度抑郁障碍（MDD）适应症和多次试验失败中

dalzanemdor

达尔赞emdor

in neurodegenerative diseases.

在神经退行性疾病中。

Supernus has had some challenges of its own of late, including less-than-stellar data from a phase 2b trial of treatment-resistant depression candidate

Supernus近来面临了一些挑战，包括治疗抵抗性抑郁症候选药物的2b期试验数据不尽如人意。

SPN-820

SPN-820

, although it recently claimed FDA approval – at the fourth attempt – for Parkinson's disease therapy Onapgo (apomorphine hydrochloride infusion), which is delivered via a subcutaneous pump device.

，尽管其最近声称帕金森病治疗药物Onapgo（盐酸阿扑吗啡输注）已获得FDA批准——这是在第四次尝试时获得的批准——该药物通过皮下泵装置输送。

The company also sells Qelbree (viloxazine) for attention-deficit hyperactivity disorder (ADHD) and oral Parkinson's therapy Gocovri (amantadine), and reported first-quarter sales of nearly $150 million.

该公司还销售用于注意力缺陷多动障碍 (ADHD) 的 Qelbree（维洛沙嗪）和口服帕金森病治疗药物 Gocovri（金刚烷），并报告称第一季度销售额接近 1.5 亿美元。

Supernus' chief executive, Jack Khattar, said that combining with Sage 'augments our growth profile by adding a significant fourth growth product to our portfolio and further diversifies our sources of future growth.'

Supernus首席执行官Jack Khattar表示，与Sage的合并“通过为我们的产品组合增加重要的第四种增长产品来增强我们的增长前景，并进一步使我们未来增长的来源多样化。”

Zurzuvae sales reached just under $14 million in the first three months of this year, and Supernus will make additional payments to Sage shareholders in the form of contingent value rights (CVR) worth a dollar apiece if annual sales going to Supernus top $250 million in the US by 2027 and $300 million by 2028..

今年前三个月，Zurzuvae的销售额达到了近1400万美元，如果到2027年美国年度销售额超过2.5亿美元，并且到2028年达到3亿美元，Supernus将通过或有价值权（CVR）向Sage的股东额外支付每股1美元。

Hitting US sales of $375 million by 2030 will earn Sage's investors another $1, with the final $0.50 CVR tied to the achievement of approval of Zurzuvae in Japan before 30th June next year. Under the terms of its alliance with Biogen, Sage currently gets 50% of net Zurzuvae revenues.

到2030年，若美国销售额达到3.75亿美元，Sage的投资者将再获得1美元，而最后0.5美元的或有价值权（CVR）则与Zurzuvae在明年6月30日之前获得日本批准的目标挂钩。根据与Biogen的联盟条款，Sage目前可获得Zurzuvae净收入的50%。

Sage's pipeline also includes SAGE-319 for behavioural symptoms associated with neurodevelopmental disorders in phase 1, two preclinical programmes for neurodevelopmental disorders, and SAGE-324, a potential treatment for seizures associated with developmental and epileptic encephalopathies that is ready for phase 2 but currently under evaluation by management..

Sage的管线还包括处于第一阶段的SAGE-319，用于神经发育障碍相关的行为症状，两个针对神经发育障碍的临床前项目，以及SAGE-324，一种针对发育性和癫痫性脑病相关癫痫发作的潜在治疗药物，该药物已准备好进入第二阶段，但目前正由管理层评估。

Supernus, meanwhile, is also developing SPN-817, an AChE inhibitor candidate for severe epilepsy in phase 2 trials, and a novel stimulant for ADHD (SPN-443) which is in early-stage clinical testing.

同时，Supernus公司还在开发SPN-817（一种处于二期试验阶段的AChE抑制剂候选药物，用于治疗严重癫痫），以及一种新型的ADHD兴奋剂（SPN-443），目前正在进行早期临床试验。

Sage chief executive Barry Greene said the transaction with Supernus 'follows a comprehensive strategic review by our board of directors, and I am confident this deal maximises value for shareholders.'

Sage首席执行官巴里·格林表示，与Supernus的交易“是在我们的董事会进行全面战略审查后达成的，我有信心这笔交易将为股东实现价值最大化。”

The deal is scheduled to be completed in the third quarter and start contributing to Supernus' profitability next year.

该交易预计将在第三季度完成，并于明年开始为 Supernus 的盈利能力做出贡献。