Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Sage Therapeutics agreed to be acquired by Supernus Pharmaceuticals for up to $795 million. Stifel analysts characterized the deal as feels like an…
Not two weeks after being acquired, Sage Therapeutics has let go of all of its remaining workforce - 338 employees. The layoffs will take effect on Aug. 22 and…
Q1 2026 total revenue $207.7M (+39% YoY); Zurzuvae collaboration revenue $27.6M, 85% of prescriptions from repeat prescribers; Zurzuvae still in launch mode.
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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.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Supernus Pharmaceuticals, Inc. / Sage Therapeutics, Inc. (this deal) | 2025 | $795M | — |
| Novartis AG / Advanced Accelerator Applications S.A. | 2017 | $3.9B | 98 |
| Allergan plc / Merck & Co., Inc. (CGRP receptor antagonist program) | 2015 | $250M | 91 |
| Cephalon Inc. / Laboratoire L. Lafon S.A. (Group Lafon) | 2000 | $450M | 89 |
| Teva Pharmaceutical Industries Ltd. / Auspex Pharmaceuticals | 2015 | $3.5B | 86 |
| Teva Pharmaceutical Industries Ltd. / Biogal Pharmaceutical | 1995 | — | 82 |
| Novartis AG / PTC Therapeutics Inc. | 2024 | $2.9B | 80 |
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