11:25 AM EST, 01/27/2025 (MT Newswires) -- (Updates with Biogen's response in the third paragraph and the latest stock moves in the last paragraph.)

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 would lead to a transaction or other strategic outcome.

Biogen declined to comment when contacted by MT Newswires.

Sage shares were up 4.7% and Biogen's shares were up 1.9% in recent trading.

Price: 7.44, Change: +0.34, Percent Change: +4.72