---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-170187"
form_type: "8-K"
ticker: null
cik: "0001597553"
company_name: "Sage Therapeutics, Inc."
filed_at: "2025-07-31T23:59:59+00:00"
generated_at: "2026-05-17T22:19:05.145641+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Supernus completes acquisition of Sage Therapeutics for $8.50/share plus CVR

## Summary
- Tender offer expired with 36.3M shares (58%) tendered; all conditions satisfied.
- Shareholders receive $8.50 cash per share plus up to $3.50 per share CVR.
- Shares to be delisted from Nasdaq; company will file Form 15 to terminate registration.
- All prior directors and officers resigned; replaced by Supernus designees including Jack Khattar.
- CEO Barry Greene's severance amended with 18-month pay and 24-month non-compete covenant.

## SEC filing metadata
- accession: 0001193125-25-170187
- form_type: 8-K
- cik: 0001597553
- company_name: Sage Therapeutics, Inc.
- filed_at: 2025-07-31T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 2.01, 3.01, 5.01, 3.03, 5.03, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1597553/000119312525170187/0001193125-25-170187-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1597553/000119312525170187/d877271d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-170187
- JSON: https://secwatch.observer/filing/0001193125-25-170187.json
- Plain text: https://secwatch.observer/filing/0001193125-25-170187.txt

## Key facts
- M&A Transactions
  Sage Therapeutics, Inc. underwent a change of control involving Supernus Pharmaceuticals, Inc. for $8.50 per Share in cash, plus one contingent value right per Share representing the right to receive up to $3.50 per Share (closed 2025-07-31).
  - Action: change of control
  - Counterparty: Supernus Pharmaceuticals, Inc.
  - Consideration: $8.50 per Share in cash, plus one contingent value right per Share representing the right to receive up to $3.50 per Share
  - Closing: 2025-07-31
  source text: a tender offer (the “Offer”) on July 2, 2025, to acquire all of the outstanding shares of common stock of the Company, par value $0.0001 per share (the “Shares”) for (i) $8.50 per Share, net to the seller in cash, without interest and subject to any withholding of Taxes, (the “Closing Amount”), plus (ii) one contingent value right per Share (a “CVR”),
  evidence_url: https://www.sec.gov/Archives/edgar/data/1597553/000119312525170187/0001193125-25-170187-index.htm

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