SAGE Therapeutics Acquisition, Valuation, Funding & Investors

SAGE Therapeutics was acquired by Supernus Pharmaceuticals for $561M in June 2025, a 8.0x multiple on $70M of revenue.

SAGE Therapeutics acquisition price

$561M

Acquired by Supernus Pharmaceuticals · Jun 2025

SAGE Therapeutics revenue at acquisition

$70M

Last twelve months · Jun 2025

SAGE Therapeutics revenue multiple at acquisition

8.0x

EV/Revenue · Jun 2025

Cumulative funding SAGE Therapeutics raised

$58M

across 2 funding rounds

SAGE Therapeutics Overview

About SAGE Therapeutics

SAGE Therapeutics develops allosteric modulator therapies targeting GABA and NMDA receptors for CNS disorders including postpartum depression and Parkinson's disease. The Cambridge, Massachusetts-headquartered biopharmaceutical company, founded in 2012, markets ZURZUVAE for postpartum depression treatment approved by FDA in 2023. Its pipeline advances brexanolone and dalzanemdor through clinical trials.


Founded

2010

HQ

United StatesUnited States

Website

sagerx.com

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$70M (Jun 2025)

Valuation

$561M (acquired Jun 2025)

SAGE Therapeutics Acquisition

SAGE Therapeutics was acquired by Supernus Pharmaceuticals for $561M on 16 June 2025.

The acquisition price implies a 8.0x revenue multiple on $70M of revenue.

Before the acquisition SAGE Therapeutics had raised $58M across 2 funding rounds.

Sage Therapeutics, a Massachusetts-based biopharmaceutical company focused on CNS disorders, developed ZURZUVAE (zuranolone), the first FDA-approved oral treatment for postpartum depression in adults, approved in August 2023 and partnered with Biogen for U.S. sales where Sage receives 50% of net revenue. Supernus Pharmaceuticals, a Rockville, Maryland neurology specialist with commercial products like Qelbree for ADHD, ONAPGO, and GOCOVRI for Parkinson’s and epilepsy, acquired Sage to strengthen its neuropsychiatric portfolio, add a fourth growth product, diversify revenue streams, and leverage its CNS discovery platform alongside expected annual cost synergies of up to $200 million from overlapping infrastructure. The deal followed Sage’s rejection of a lower $7.22 per share offer from Biogen earlier in 2025 amid clinical setbacks, layoffs, and pipeline cuts after FDA rejection in major depressive disorder. Announced on June 16, 2025, the acquisition structured as a tender offer provided $8.50 per share in cash, valuing Sage at approximately $561 million upfront—a 27% premium to prior closing price—plus a non-tradable contingent value right (CVR) worth up to $3.50 per share ($234 million aggregate) tied to ZURZUVAE U.S. net sales milestones of $250 million by 2027 ($1/share), $300 million by 2028, and $375 million by 2030, for total potential value of $795 million. Boards of both companies approved the transaction, expected accretive to Supernus in 2026 with strong commercial execution. ZURZUVAE generated $72 million in 2024 U.S. sales, rising 21% sequentially to $13.8 million collaboration revenue in Q1 2025. Supernus completed the acquisition on July 31, 2025, via tender offer followed by a merger under Delaware DGCL Section 251(h), making Sage a wholly owned subsidiary without stockholder vote. The move positions Supernus for significant growth in psychiatry, addressing PPD unmet need while mitigating risks from its own patent expirations and pipeline issues, though analysts note low likelihood of most CVR milestones given commercialization challenges, market access, and competition.

SAGE Therapeutics acquisition details
AcquirerDateTypePriceEV/Revenue
16 Jun 2025Strategic M&A$561M8.0x

SAGE Therapeutics Funding History

SAGE Therapeutics has raised a total of $58M across 2 funding rounds.

SAGE Therapeutics' first fundraising round was a $20M Series B in October 2013. The most recent completed round was a $38M Series C in March 2014.

SAGE Therapeutics funding rounds

SAGE Therapeutics funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2014Series CThird Rock Ventures; Foresite Capital; OrbiMed; EcoR1 Capital; ARCH Venture Partners$38MSAGE Therapeutics, a biopharmaceutical company founded in 2011 and headquartered in Cambridge, Massachusetts, develops novel medicines targeting specialty, critical, and orphan central nervous system (CNS) disorders, with a focus on orphan and genetic seizure disorders, neuroanesthesia, and other areas where existing therapies fall short. The company's allosteric modulator chemistry platform generates compounds targeting GABAA and NMDA pathways, with its lead program SAGE-547 in clinical development for super refractory status epilepticus as of 2014. SAGE was launched by an experienced team of R&D leaders and CNS experts backed by Third Rock Ventures. On March 13, 2014, SAGE Therapeutics closed an oversubscribed $38 million Series C financing round led by new investors OrbiMed Advisors, EcoR1 Capital Management, Foresite Capital Management, and two undisclosed blue chip public investment funds, alongside existing investors Third Rock Ventures and ARCH Venture Partners. The proceeds were designated to advance the company's clinical and preclinical programs, particularly fueling near-term clinical development efforts and expansion of its seizure medicines portfolio. The company emphasized potential broad applications of its mechanisms in psychiatric and neurologic disorders beyond initial orphan indications. Later that year, on July 18, 2014, SAGE went public on NASDAQ under ticker SAGE, pricing its IPO at $18.00 per share for 5,000,000 shares.
Oct 2013Series BThird Rock Ventures (lead); ARCH Venture Partners$20MSAGE Therapeutics was launched in 2013 by Third Rock Ventures with a $35 million Series A financing, focusing on developing novel therapies for central nervous system (CNS) disorders through non-benzodiazepine and non-glycine approaches to modulating GABA and glutamate receptors. The company leverages expertise in chemistry, pharmacology, formulation, biomarkers, and clinical proof-of-concept to advance a broad pipeline of CNS programs aimed at addressing critical unmet needs in patient care. Third Rock Ventures served as the lead investor, with Kevin Starr acting as interim CEO, emphasizing the firm's strategy of building transformative life sciences companies. The financing positioned SAGE Therapeutics to accelerate clinical development of its lead programs, building on a decade of discoveries in allosteric modulation of key CNS pathways. Third Rock Ventures, founded in 2007, had raised over $1.3 billion across funds by 2013, including a $516 million Fund III closed in March 2013 specifically to launch up to 16 new companies in disruptive science areas. SAGE was part of Third Rock's portfolio alongside companies like Agios Pharmaceuticals, bluebird bio, and others.

Who has invested in SAGE Therapeutics?

5 investors have backed SAGE Therapeutics across its funding rounds, including ARCH Venture Partners, Third Rock Ventures, OrbiMed, Foresite Capital and EcoR1 Capital.

Lead investors include Third Rock Ventures.


SAGE Therapeutics Investors

Investors in SAGE Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check
Third Rock VenturesUnited StatesBoston, MA2LeadOct 2013
ARCH Venture PartnersUnited StatesChicago, IL2ParticipantOct 2013
Foresite CapitalUnited StatesSan Francisco, CA1ParticipantMar 2014

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SAGE Therapeutics Competitors

SAGE Therapeutics competitors include listed companies like Clarity Pharmaceuticals, Eupraxia Pharmaceuticals, Prime Medicine and Ocumension, and private ones like Strand Therapeutics and Sarborg.

Public and private companies comparable to SAGE Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Clarity PharmaceuticalsAustraliaAustraliaPublicly listed$6M($75M)$557M67.8x
Eupraxia PharmaceuticalsCanadaCanadaPublicly listed-($40M)$554M-
Prime MedicineUnited StatesUnited StatesPublicly listed$5M($198M)$570M74.5x
Strand TherapeuticsUnited StatesUnited StatesPrivate--$550M-
OcumensionChinaChinaPublicly listed$120M($3M)$548M-
SarborgCayman IslandsCayman IslandsPrivate--$575M-

SAGE Therapeutics Public Comps

SAGE Therapeutics is no longer listed, but its public comps include Clarity Pharmaceuticals, Eupraxia Pharmaceuticals, Prime Medicine, Ocumension, Capricor Therapeutics, Arvinas, Regenxbio, Aquestive Therapeutics, Shattuck Labs and Novartis India.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Clarity Pharmaceuticals$6M($75M)74.8x67.8x(5.7x)(5.5x)
Eupraxia Pharmaceuticals-($40M)--(11.3x)(9.3x)
Prime Medicine$5M($198M)123.0x74.5x(2.9x)(3.2x)
Ocumension$120M($3M)4.1x-(178.3x)-
Capricor Therapeutics-($100M)-6.1x(4.0x)(2.6x)
Arvinas$263M($114M)----
Regenxbio$170M($133M)3.0x3.0x(3.8x)(3.2x)
Aquestive Therapeutics$45M($71M)12.2x11.3x(7.7x)(15.2x)

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Common questions about SAGE Therapeutics

When was SAGE Therapeutics founded?SAGE Therapeutics was founded in 2010.
Where is SAGE Therapeutics headquartered?SAGE Therapeutics is headquartered in United States.
Is SAGE Therapeutics publicly listed?No, SAGE Therapeutics was acquired by Supernus Pharmaceuticals in June 2025.
Who acquired SAGE Therapeutics?SAGE Therapeutics was acquired by Supernus Pharmaceuticals in June 2025.
How much was SAGE Therapeutics acquired for?SAGE Therapeutics was acquired for $561M in June 2025, a 8.0x revenue multiple.
How much funding has SAGE Therapeutics raised?SAGE Therapeutics has raised $58M across 2 funding rounds.
What was SAGE Therapeutics' last funding round?SAGE Therapeutics' last funding round was a $38M Series C in March 2014.
Who are SAGE Therapeutics' investors?SAGE Therapeutics' investors include Third Rock Ventures, ARCH Venture Partners, Foresite Capital, OrbiMed and EcoR1 Capital.
Which companies are comparable to SAGE Therapeutics?Companies comparable to SAGE Therapeutics include Clarity Pharmaceuticals, Eupraxia Pharmaceuticals, Prime Medicine, Strand Therapeutics, Ocumension and Sarborg.

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