secwatch.observer — SEC 8-K summary
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Issuer:     SUPERNUS PHARMACEUTICALS, INC. (SUPN)
CIK:        0001356576
Form:       8-K
Filed at:   2025-07-31T23:59:59+00:00
Accession:  0001104659-25-072506
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 2.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1356576/000110465925072506/0001104659-25-072506-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1356576/000110465925072506/tm2522014d3_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-072506

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer