Sage Therapeutics said on Monday that its board has unanimously rejected the takeover offer it received from Biogen. The company said Biogen's offer to buy all outstanding shares of Sage that it does not already own for $7.

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

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

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.

Following a lawsuit filed last week, Sage has officially rejected Biogen’s unsolicited buyout offer, which valued the embattled biotech at just $469 million.

Sage Therapeutics rejected a takeover offer from Biogen ( BIIB) and said it started a process to review its strategic alternatives. Sage rose 5.6%.

(Reuters) -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 Therapeutics SAGE announced that its board of directors has rejected the unsolicited, non-binding proposal offer from drug giant Biogen BIIB to acquire the remaining shares of SAGE. Per Sage Therapeutics,

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.