Sage Therapeutics stock exits public markets after Supernus deal

Sage Therapeutics stock exited public markets after Supernus Pharmaceuticals completed its acquisition for USD 8.50 per share on July 31, 2025. Fundz reported the transaction on September 24, 2026, describing Sage as a privately held biotechnology company.

Supernus absorbed the CNS portfolio

The deal moved Sage's central nervous system pipeline into Supernus's neuropsychiatry business. Zurzuvae, Sage's oral treatment for postpartum depression, is the central commercial asset highlighted in the transaction description.

The consideration was concrete. Supernus paid USD 8.50 per share, while additional contingent value rights could provide up to USD 234.0 million if specified Zurzuvae sales milestones are reached, according to Multiples VC.

Transaction value meets operating scale

Historical transaction data put Sage's revenue at USD 70.0 million and the acquisition value at USD 561.0 million, an 8.00 times revenue multiple, per Multiples VC. That comparison shows why Zurzuvae's commercial trajectory mattered more than Sage's former standalone share quote.

Supernus's Q3 2025 filing summary recorded USD 192.1 million in total revenue, compared with USD 175.7 million a year earlier. The same filing summary attributed USD 20.2 million to collaboration revenue from Zurzuvae and valued acquired Sage intangible assets at USD 166.5 million, according to StockTitan.

Sage now belongs to Supernus

The ownership change is the key investor fact. Sage was previously listed on Nasdaq under ticker SAGE, but the company now operates as a privately held biotechnology business within Supernus, with its CNS medicines and development programs integrated into the acquirer's portfolio.