Sage Therapeutics, Inc. (Nasdaq: SAGE) ("Sage" or "the Company"), today announced that its Board of Directors has initiated a process to explore strategic alternatives for the Company. The Board intends to evaluate a broad range of opportunities to maximize value for shareholders,

The proposal sought to acquire all outstanding shares of Sage not already owned by Biogen for $7.22 per share, a valuation deemed insufficient by the Board. Meanwhile, Sage remains committed to its mission of making ZURZUVAE the standard treatment for women with postpartum depression as the Board evaluates potential strategic opportunities.