Pharma BD Deal Intelligence
Supernus acquired Sage Therapeutics for $8.50/share cash (~$561M upfront) plus contingent value rights (CVRs) worth up to $3.50/share (~$234M), a total of up to ~$795M. The deal closed July 31, 2025, adding Zurzuvae (zuranolone), the first FDA-approved oral therapy for postpartum depression, to Supernus's neuropsychiatry portfolio. The CVRs pay $1.00/share each on U.S. Zurzuvae net sales reaching $250M (by 2027), $300M (by 2028) and $375M (by 2030), plus $0.50/share on first commercial sale in Japan for major depressive disorder by June 30, 2026. Post-close, the Japan CVR moved into play: partner Shionogi received Japanese approval for Zurzuvae in MDD on December 22, 2025, with first commercial sale pending. Zurzuvae continued to ramp under Supernus, with collaboration revenue of $53.0M in 2025 post-close ($32.8M in Q4 2025, Q4 U.S. net sales up ~187% YoY) and $27.6M in Q1 2026; Supernus guided to $840-870M total 2026 revenue and expects the acquisition to be accretive in 2026.