---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-072506"
form_type: "8-K"
ticker: "SUPN"
cik: "0001356576"
company_name: "SUPERNUS PHARMACEUTICALS, INC."
filed_at: "2025-07-31T23:59:59+00:00"
generated_at: "2026-05-17T22:13:42.751297+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Supernus closes Sage acquisition for $8.50/share + up to $3.50 CVR; ~$561M cash, accretive in 2026

## Summary
- Total cash consideration ~$561M; 36.3M shares (58%) tendered; merger closed July 31, Sage wholly owned.
- CVR milestones: $0.50 for Japan approval of ZURZUVAE by June 2026; $1.00 each for U.S. sales thresholds $250M–$375M.
- Acquisition adds ZURZUVAE (postpartum depression) and CNS discovery platform; expected cost synergies up to $200M annually.
- Acquisition expected to be accretive to Supernus earnings in 2026; stock delisting of SAGE from Nasdaq.

## SEC filing metadata
- accession: 0001104659-25-072506
- form_type: 8-K
- ticker: SUPN
- cik: 0001356576
- company_name: SUPERNUS PHARMACEUTICALS, INC.
- filed_at: 2025-07-31T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1356576/000110465925072506/0001104659-25-072506-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1356576/000110465925072506/tm2522014d3_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-072506
- JSON: https://secwatch.observer/filing/0001104659-25-072506.json
- Plain text: https://secwatch.observer/filing/0001104659-25-072506.txt

## Key facts
- M&A Transactions
  SUPERNUS PHARMACEUTICALS, INC. completed an acquisition involving Sage Therapeutics, Inc. for approximately $561 million (closed 2025-07-31).
  - Action: acquisition
  - Counterparty: Sage Therapeutics, Inc.
  - Consideration: approximately $561 million
  - Closing: 2025-07-31
  source text: which is calculated and payable in accordance with the CVR Agreement. The aggregate consideration to be paid by Purchaser to complete the Offer and the Merger is approximately $561 million (exclusive of amounts that may be payable pursuant to the CVRs), without giving effect to related transaction fees and expenses. The foregoing description of the Merger
  evidence_url: https://www.sec.gov/Archives/edgar/data/1356576/000110465925072506/0001104659-25-072506-index.htm

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