Product Development ChallengesSage decided to stop development of dalzanemdor and lacks a late-stage pipeline program and meaningful near-term catalysts.
Regulatory And Market RisksThere is a black box warning against driving for at least 12 hours after each daily dose of the 14-day therapy for Zurzuvae, which may limit its use.
Valuation ConcernsThe cash offer price of $7.22/share ($469M equity value) seemed most surprising to Sage, as the tender price effectively implies a negative enterprise value.