Supernus Pharmaceuticals has agreed to acquire Sage Therapeutics for approximately $561 million upfront, with additional contingent payments potentially raising the total to $795 million. The acquisition follows Sage's challenges with its CNS pipeline, particularly its lead drug Zurzuvae for postpartum depression, which has seen limited commercial success. Stifel analysts characterized the deal as an unremarkable but positive resolution for Sage, noting that continued independent growth would have required substantial pipeline or launch acceleration. The transaction is expected to close in the third quarter of 2025.