Company: SUPN
Filing Date: 2025-07-02
Form Type: SC TO-T
Source: 0001104659-25-065398
Chunk: 1

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-07-02
Form: SC TO-T
Chunk 1
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Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)

This Tender Offer Statement on Schedule TO (together with any amendments and supplements hereto, this “

#### Schedule TO
”) is filed by Saphire, Inc., a Delaware corporation (“

#### Purchaser
”) and a wholly owned subsidiary of Supernus Pharmaceuticals, Inc., a Delaware corporation (“

#### Supernus
”). This Schedule TO relates to the offer by Purchaser to purchase all of the issued and outstanding shares of common stock, par value $0.0001 per share (the “

#### Shares
”), of Sage Therapeutics, Inc., a Delaware corporation (“

#### Sage
”), in exchange for (a) $8.50 per Share, in cash, subject to any withholding of taxes and without interest, plus (b) one non-transferable and non-tradable contingent value right per Share (a “

#### CVR
”), which represents the right to receive the Milestone Payments (as defined in the Offer to Purchase dated July 2, 2025 (together with any amendments, supplements or modifications thereto, the “

#### Offer to Purchase
”)), which amounts will become payable, if at all, if specified milestones are achieved prior to the applicable Milestone Deadline Date (as defined in the Offer to Purchase (the “

#### Offer Price
”), on the terms and subject to the conditions set forth in the Offer to Purchase and in the related Letter of Transmittal (together with any amendments, supplements or modifications thereto, the “

#### Letter of Transmittal
”), copies of which are attached hereto as Exhibits (a)(1)(A) and (a)(1)(B), respectively.

All information contained in the Offer to Purchase (including Schedule I to the Offer to Purchase) and the accompanying Letter of Transmittal is hereby expressly incorporated herein by reference in response to Items 1 through 9 and Item 11 of this Schedule TO.

The Agreement and Plan of Merger, dated June 13, 2025 (as it may be amended from time to time, the “

#### Merger Agreement
”), by and among Sage, Supernus and Purchaser, a copy of which is attached as Exhibit (d)(1) hereto, and the Form of Contingent Value Rights Agreement, by and among Supernus and a rights agent mutually agreeable to Supernus and Sage, a copy of which is attached as Exhibits (d