09:46 AM EST, 01/27/2025 (MT Newswires) -- SAGE Therapeutics ( SAGE ) said Monday its board rejected Biogen's (BIIB) unsolicited, non-binding proposal to acquire Sage shares not already owned by Biogen for $7.22 per share.

SAGE also said its board has started a process to look into strategic alternatives, including a potential business combination or sale. The company said there's no assurance that the review will lead to a transaction or other strategic outcome.

Biogen didn't immediately respond to a request for comment from MT Newswires.

SAGE shares were up 3.8% and BIIB shares were up 1.7% in early trading.