Supernus Pharmaceuticals, Inc. ( SUPN ) on Monday agreed to acquire Sage Therapeutics, Inc. ( SAGE ) for $12.00 per share in cash, or an aggregate of up to approximately $795 million.

The deal consideration includes $8.50 per share in cash (or an aggregate of approximately $561 million) plus one non-tradable contingent value right (CVR) collectively worth up to $3.50 per share in cash (or an aggregate of approximately $234 million).

"This acquisition represents a major step in bolstering our future growth. It augments our growth profile by adding a significant fourth growth product to our portfolio and further diversifies our sources of future growth. Zurzuvae aligns with our focus of acquiring novel value-enhancing and clinically differentiated medicines to treat CNS conditions," said Jack Khattar, president and CEO of Supernus Pharmaceuticals ( SUPN ).

Sage Therapeutics ( SAGE ) shares gained 0.4% to trade at $9.11 on Tuesday.

These analysts made changes to their price targets on Sage Therapeutics ( SAGE ) following acquisition announcement.

Canaccord Genuity analyst Sumant Kulkarni maintained Sage Therapeutics ( SAGE ) with a Hold and raised the price target from $8 to $8.5.

Truist Securities analyst Joon Lee maintained the stock with a Hold and raised the price target from $8 to $9.

Piper Sandler analyst David Amsellem downgraded Sage Therapeutics ( SAGE ) from Overweight to Neutral and lowered the price target from $9 to $8.5.

Considering buying SAGE stock? Here’s what analysts think:

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