Following FDA setbacks for its depression drug Zurzuvae and pipeline failures, Sage Therapeutics pursued partnerships throughout 2024, ultimately entering a $795 million acquisition agreement with Supernus Pharma. Regulatory documents reveal Biogen CEO Chris Viehbacher made a 30% premium acquisition offer which Sage declined, leading to a public unsolicited bid that strained their partnership. The deal highlights strategic maneuvers in psychiatric drug market consolidation.