Sage’s board of directors said that the proposal “significantly undervalues” the company and is not in the best interest of shareholders.

Sage Therapeutics said on Monday that its board has unanimously rejected Biogen’s $469 million offer, stating it "significantly undervalues" the company and does not serve shareholders' best interests.

Sage’s board of directors said Biogen’s offer “undervalues” the company, but will explore other strategic alternatives to “maximize” shareholder value.

Sage Therapeutics has rejected the unsolicited acquisition offer it received earlier this month from longtime partner Biogen Inc.

After receiving and considering an "unsolicited" buyout offer from partner Biogen, Sage Therapeutics is kicking the tires on a range of strategic options. | The company's board of directors unanimously rejected partner Biogen's $469 million buyout proposal,

Sage Therapeutics announced its boards unanimous rejection of Biogens $469 million acquisition offer, stating the proposal significantly undervalues the company and does not align with shareholder interests.

Since then, Biogen decided to opt out of their partnership on essential tremor candidate SAGE-324 after disappointing results in the mid-stage KINETIC 2 study, while Sage has reported failed phase 2 trials of dalzanemdor in Alzheimer's, Parkinson's, and Huntington's disease.

Sage Therapeutics has brought a lawsuit against Biogen shortly after receiving an “unsolicited” offer from its neuroscience partner. | Sage Therapeutics has brought a lawsuit seeking a temporary restraining order against Biogen shortly after receiving an "unsolicited" offer from its neuroscience partner.