---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-059687"
form_type: "8-K"
ticker: "SUPN"
cik: "0001356576"
company_name: "SUPERNUS PHARMACEUTICALS, INC."
filed_at: "2025-06-16T23:59:59+00:00"
generated_at: "2026-05-19T06:11:27.226492+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Supernus acquires Sage Therapeutics for up to $795M ($12/share including CVR)

## Summary
- Supernus to acquire Sage via tender offer at $8.50/share cash plus CVR up to $3.50/share, total up to $795M.
- CVR milestones tied to Zurzuvae net sales thresholds ($250M–$375M in U.S. by 2027–2030) and Japan approval.
- Deal expected to close Q3 2025; funded from Supernus's cash; cost synergies up to $200M annually.
- ZURZUVAE (zuranolone) for postpartum depression is the key asset; Supernus records 50% of U.S. net revenue via Biogen collab.
- Transaction unanimously approved by both boards; expected to be significantly accretive in 2026.

## SEC filing metadata
- accession: 0001104659-25-059687
- form_type: 8-K
- ticker: SUPN
- cik: 0001356576
- company_name: SUPERNUS PHARMACEUTICALS, INC.
- filed_at: 2025-06-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1356576/000110465925059687/0001104659-25-059687-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1356576/000110465925059687/tm2518064d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-059687
- JSON: https://secwatch.observer/filing/0001104659-25-059687.json
- Plain text: https://secwatch.observer/filing/0001104659-25-059687.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.