Canaccord raised the firm’s price target on Sage Therapeutics (SAGE) to $8.50 from $8 and keeps a Hold rating on the shares. The firm noted Supernus Pharmaceuticals (SUPN) announced that it is buying Sage for $8.50/share or roughly $561mn in cash. The transaction also includes a non-tradable contingent value right (CVR) of up to $3.50/share or up to about $234mn based on some milestones related to Biogen (BIIB)/Sage’s Zurzuvae (zuranolone), which is approved and on the market in the US for post-partum depression (PPD).
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Read More on SAGE:
- Hold Rating on SAGE Therapeutics Amid Acquisition Offer and CVR Uncertainties
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