Supernus Pharmaceuticals has agreed to acquire Sage Therapeutics for up to $795 million, including cash payments and contingent value rights tied to commercialization milestones. This acquisition follows Sage's rejection of Biogen's unsolicited $470 million offer earlier this year. The deal reflects a resolution for Sage, once a central nervous system disorder frontrunner, facing multiple challenges including limited control over its lead asset, Zurzuvae, indicated for postpartum depression. The acquisition is expected to close in the third quarter of 2025, with Supernus positioning Zurzuvae for growth and portfolio diversification.