Sage Therapeutics navigated a turbulent period after FDA's partial rejection of its depression drug Zurzuvae and pipeline failures in 2024. Regulatory filings reveal Sage's extensive outreach to potential partners, culminating in an acquisition by Supernus Pharma for up to $795 million. Biogen’s CEO proposed acquisition offers with premiums but Sage declined, opting for royalty financing paths instead. The saga highlights complex biotech negotiations and strategic maneuvers following mixed regulatory outcomes.