Supernus Pharmaceuticals, Inc. today announced that it has successfully completed its previously announced acquisition of Sage Therapeutics, Inc. (Nasdaq: SAGE) (“Sage”).

Supernus Pharmaceuticals, Inc. 今天宣布，其已成功完成此前宣布的对Sage Therapeutics, Inc.（纳斯达克股票代码：SAGE）（“Sage”）的收购。

“Sage is an ideal fit in our corporate development strategy, adding a significant fourth growth product to our portfolio and further diversifying our sources of future revenue,” said Jack Khattar, President and CEO of Supernus Pharmaceuticals. “With our proven track record of strong commercial execution along with the expected cost synergies, the acquisition is expected to be accretive in 2026.”.

“Sage非常适合我们的公司发展战略，为我们的产品组合增加了重要的第四款增长产品，并进一步多元化我们未来的收入来源，”Supernus Pharmaceuticals总裁兼首席执行官Jack Khattar表示。“凭借我们经过验证的强大商业执行力以及预期的成本协同效应，此次收购预计将在2026年产生增值。”

Compelling Strategic Rationale

强有力的战略理由

The Offer and the Merger

要约与合并

The Offer and withdrawal rights for all outstanding shares of common stock, par value $0.0001 per share (the “Shares”), of Sage in exchange for (i) $8.50 per Share, net to the seller in cash, subject to any withholding of taxes and without interest (the “Closing Amount”), plus (ii) one non-transferable and non-tradable contingent value right per Share (a “CVR”), which represents the right to receive up to $3.50 per Share upon the satisfaction of specified milestones (as described further in the Offer to Purchase), net to the seller in cash, without interest and subject to any withholding of taxes, pursuant to the CVR Agreement (the Closing Amount plus one CVR collectively, the “Offer Price”), expired as scheduled at one minute following 11:59 p.m., New York time, on July 30, 2025 (the “Expiration Time”)..

针对Sage所有已发行普通股（每股面值0.0001美元）（“股份”）的要约及撤回权，以每股8.50美元的价格进行交换，卖方将获得现金支付（扣除任何税款，且不计利息）（“交割金额”），另加每个股份对应一份不可转让且不可交易的或有价值权（“CVR”），代表在达到特定里程碑时（详见购买要约中描述），卖方可获得每股最多3.50美元的额外支付（扣除任何税款，且不计利息），依据CVR协议（交割金额与一份CVR合称为“要约价格”），该要约已于纽约时间2025年7月30日晚上11点59分过1分钟（“到期时间”）按计划到期。

Each CVR paid to Sage stockholders represents a non-transferable and non-tradable contractual contingent right to receive a cash payment of up to $3.50, net to the seller in cash, subject to any withholding of taxes and without interest, upon the achievement of certain milestones in accordance with the terms of the Contingent Value Rights Agreement entered into between Supernus and Equiniti Trust Company, LLC as rights agent, (the “CVR Agreement”)..

每个支付给Sage股东的CVR代表了一种不可转让且不可交易的合同附条件权利，即在达到某些里程碑时，根据Supernus与Equiniti Trust Company, LLC（作为权利代理）签订的《附条件价值权利协议》（“CVR协议”）条款，卖方有权获得最高3.50美元的现金支付（扣除任何税款预扣，且不计利息）。

One milestone payment of $0.50 per CVR, net to the seller in cash, subject to any withholding of taxes and without interest, is payable (subject to certain terms and conditions) upon the first commercial sale after Regulatory Approval (as defined in the CVR Agreement) in Japan to a third-party customer of the pharmaceutical product that is marketed in the United States under the name ZURZUVAE and is the subject of the current regulatory filing (including any amended filings based thereon) by Shionogi & Co., Ltd., inclusive of its affiliates, in Japan for Major Depressive Disorder by June 30, 2026..

一笔0.50美元每份CVR的里程碑付款，以现金支付给卖方（净额），需遵守任何税款扣缴规定且不计利息，在以下情况下应支付（受某些条款和条件约束）：在日本首次获得监管批准（定义见CVR协议）后，向第三方客户进行首次商业销售时触发。该药品在美国以ZURZUVAE名称上市销售，并且是目前由盐野义制药株式会社及其关联公司针对日本地区重度抑郁症提交的监管文件（包括基于此的任何修订文件）的主题。支付期限为2026年6月30日前。

A second milestone payment of $1.00 per CVR, net to the seller in cash, subject to any withholding of taxes and without interest, is payable (subject to certain terms and conditions) if Net Sales (as defined in the CVR Agreement) of ZURZUVAE are equal to or exceed $250 million in the United States during a calendar year on or prior to December 31, 2027..

第二个里程碑付款为每份CVR支付1.00美元，卖方实际获得的现金金额需扣除任何预扣税款，且不计利息，该款项在满足特定条款和条件的情况下支付，即如果ZURZUVAE在美国的净销售额（如CVR协议中所定义）在2027年12月31日或之前的任何一个自然年度内达到或超过2.5亿美元。

A third milestone payment of $1.00 per CVR, net to the seller in cash, subject to any withholding of taxes and without interest, is payable (subject to certain terms and conditions) if Net Sales (as defined in the CVR Agreement) of ZURZUVAE are equal to or exceed $300 million in the U.S. during a calendar year on or prior to December 31, 2028..

第三个里程碑付款为每股CVR 1.00美元，以现金支付给卖方，扣除任何预扣税款且不计利息，如果ZURZUVAE的净销售额（如CVR协议中所定义）在美国于2028年12月31日或之前的一个日历年内达到或超过3亿美元，则该款项应支付（需符合某些条款和条件）。

A fourth milestone payment of $1.00 per CVR, net to the seller in cash, subject to any withholding of taxes and without interest, is payable (subject to certain terms and conditions) if Net Sales (as defined in the CVR Agreement) of ZURZUVAE are equal to or exceed $375 million in the U.S. during a calendar year on or prior to December 31, 2030..

第四笔里程碑付款为每股CVR支付1.00美元，以现金形式支付给卖方，扣除任何税款且不计利息，如果ZURZUVAE的净销售额（如CVR协议中所定义）在美国于2030年12月31日或之前的某一年度达到或超过3.75亿美元，则该款项应支付（需满足某些条款和条件）。

Each milestone may only be achieved once. The maximum amount payable with respect to the CVR issued in respect to each Share is $3.50 in the aggregate. There can be no assurance any payments will be made with respect to any CVR. It is possible that no milestone is achieved and no payment is made with respect to the CVRs..

每个里程碑可能仅可达成一次。针对每股发行的CVR，最高可支付金额总计为3.50美元。无法保证会就任何CVR进行付款。有可能没有任何里程碑达成，并且不会就CVR进行任何付款。

Equiniti Trust Company, LLC, the depositary for the Offer, has advised Supernus that a total of 36,313,509 Shares were validly tendered and not validly withdrawn in the Offer, representing approximately 58 percent of the Shares outstanding.

Equiniti Trust Company，LLC，作为要约的存款代理，已告知Supernus，共有36,313,509股有效投标且未有效撤回，约占已发行股份的58%。

All of the conditions of the Offer have been satisfied, and effective as of the Expiration Time, Supernus and its wholly owned subsidiary, Saphire, Inc. (“Purchaser”), accepted for payment all Shares that were validly tendered and not validly withdrawn in the Offer, and will as promptly as practicable thereafter pay for all such validly tendered Shares.

所有要约的条件都已满足，并且在到期时间生效，Supernus及其全资子公司Saphire, Inc.（“收购方”）接受了所有有效投标且未有效撤回的股份，并将尽快支付所有此类有效投标的股份。

Following the completion of the Offer, Supernus completed the acquisition of Sage through the merger of Purchaser with and into Sage, without a vote of Sage stockholders in accordance with Section 251(h) of the General Corporation Law of the State of Delaware (“DGCL”), with Sage surviving the merger as a wholly owned subsidiary of Supernus.

在要约收购完成后，Supernus通过将收购方与Sage合并完成了对Sage的收购，且根据特拉华州普通公司法（“DGCL”）第251(h)条的规定，未进行Sage股东投票，Sage作为Supernus的全资子公司继续存续。

In connection with the merger, each Share not previously purchased in the Offer (other than (i) Shares held by Sage (or held in Sage’s treasury) immediately prior to the effective time of the merger, (ii) any Shares held by Supernus or Purchaser or any direct or indirect wholly owned subsidiary of Supernus or Purchaser immediately prior to the effective time of the merger, or (iii) Shares held by any stockholder who was entitled to appraisal rights under Section 262 of the DGCL and properly exercised and perfected their respective demands for appraisal of such Shares pursuant to Section 262 of the DGCL and, as of the effective time of the merger, has neither effectively withdrawn nor lost their rights to such appraisal and payment under the DGCL with respect to such Shares) was converted into the right to receive the Offer Price, less any applicable withholding taxes and without interest.

与合并相关，每一份在要约收购中未被购买的股份（但以下情况除外：(i) 在合并生效时间之前由Sage持有（或存于Sage的库存股）的股份，(ii) 在合并生效时间之前由Supernus或买方或Supernus或买方的任何直接或间接全资子公司持有的任何股份，或(iii) 由根据《特拉华州普通公司法》第262条享有评估权的股东持有的股份，并且该股东已依法行使并完善了其对这些股份的评估要求，且截至合并生效时间既未有效撤回也未丧失其依据《特拉华州普通公司法》就这些股份获得评估和支付的权利），均被转换为接收要约价格的权利，需扣除任何适用的预扣税款，且不计利息。

The Shares will be delisted from the Nasdaq Global Market..

股票将从纳斯达克全球市场退市。

Advisors

顾问

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

Moelis & Company LLC 担任了 Supernus 的独家财务顾问。Goldman Sachs & Co. LLC 担任了 Sage 的独家财务顾问。Saul Ewing LLP 担任了 Supernus 的法律顾问。Kirkland & Ellis LLP 担任了 Sage 的法律顾问。

About Supernus Pharmaceuticals, Inc.

关于Supernus Pharmaceuticals公司。

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

Supernus Pharmaceuticals（公司）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, postpartum depression (PPD), epilepsy, migraine, cervical dystonia, and chronic sialorrhea.

我们多样化的精神病学产品组合包括已批准的治疗方案，针对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、产后抑郁症（PPD）、癫痫、偏头痛、颈肌张力障碍和慢性流涎症。

We are developing a broad range of novel product candidates for CNS disorders..

我们正在开发一系列用于中枢神经系统疾病的新候选产品。

For more information, please visit www.supernus.com.

欲了解更多信息，请访问 www.supernus.com。

Forward-Looking Statements

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声明。这些声明并不传达历史信息，而是基于管理层当前预期的预测或潜在未来事件。这些声明受风险和不确定性的影响，可能导致实际结果与这些声明所表达或暗示的内容有重大差异。

In addition to the factors mentioned in this press release, such risks and uncertainties include, but are not limited to, the Company’s ability to sustain and increase its profitability; the Company’s ability to raise sufficient capital to fully implement its corporate strategy; the implementation of the Company’s corporate strategy; the Company’s future financial performance and projected expenditures; the Company’s ability to increase the number of prescriptions written for each of its products, the products of its subsidiaries and products acquired through the acquisition of Sage; the Company’s ability to increase its net revenue from its products, the products of its subsidiaries and products acquired through the acquisition of Sage; the Company’s ability to commercialize its products, the products of its subsidiaries and products acquired through the acquisition of Sage; the Company’s ability to enter into future collaborations with pharmaceutical companies and academic institutions or to obtain funding from government agencies; the Company’s product research and development activities, including the timing and progress of the Company’s clinical trials, and projected expenditures; the Company’s ability to receive, and the timing of any receipt of, regulatory approvals to develop and commercialize the Company’s product candidates; the Company’s ability to protect its intellectual property and the.

除了本新闻稿中提到的因素外，这些风险和不确定性还包括但不限于：公司维持并提高盈利能力的能力；公司筹集足够资金以全面实施其企业战略的能力；公司企业战略的实施情况；公司未来的财务表现及预计支出；公司增加其各产品、子公司产品以及通过收购Sage获得的产品处方数量的能力；公司增加其产品、子公司产品及通过收购Sage获得的产品净收入的能力；公司将其产品、子公司产品及通过收购Sage获得的产品商业化的能；公司未来与制药公司和学术机构合作或从政府机构获得资助的能力；公司的产品研发活动，包括临床试验的时间安排和进展以及预计支出；公司获得监管批准以开发和商业化其候选产品的能力及其时间；公司保护其知识产权的能力及。

Contacts:

联系人：

Jack A. Khattar, President and CEO

杰克·A·卡塔尔，总裁兼首席执行官

Timothy C. Dec, Senior Vice President and CFO

蒂莫西·C·德克，高级副总裁兼首席财务官

Supernus Pharmaceuticals, Inc.

Supernus Pharmaceuticals, Inc.

(301) 838-2591

(301) 838-2591

Investor Contact:

投资者联系方式：

Peter Vozzo

彼得·沃佐

ICR Healthcare

ICR医疗保健

(443) 213-0505

(443) 213-0505

peter.vozzo@icrhealthcare.com

彼得·沃佐@icrhealthcare.com

Source: supernus.com

来源：supernus.com