07:39 AM EDT, 06/16/2025 (MT Newswires) -- Supernus Pharmaceuticals ( SUPN ) has agreed to acquire Sage Therapeutics ( SAGE ) in a deal worth up to $795 million, the companies said Monday.

Supernus will pay $8.50 per share in cash, or about $561 million, at closing, plus one non-tradable contingent value right worth up to $3.50 per share in cash, or about $234 million.

The value right is payable on achieving net sales and commercial milestones, the companies said.

The transaction has been approved by the boards of both companies and remains subject to regulatory approvals and is expected to close in Q3, the companies said.

Supernus said it will provide revised 2025 financial guidance after the closing of the transaction.

Supernus shares were down more than 2% in premarket trading, while Sage jumped 35% following a trading halt.