Company: SUPN
Filing Date: 2025-07-31
Form Type: SC TO-T/A
Source: 0001104659-25-072515
Chunk: 1

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-07-31
Form: SC TO-T/A
Chunk 1
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 the Tender Offer Statement on Schedule TO filed with the Securities and Exchange Commission on July 2, 2025 (together with any amendments and supplements thereto, the “ Schedule TO”) by (a) Saphire, Inc., a Delaware corporation (“ Purchaser”) and a wholly owned subsidiary of Supernus Pharmaceuticals, Inc., a Delaware corporation (“ Supernus”), and (b) Supernus. The Schedule TO relates to the offer by Purchaser to purchase all of the 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, net to the seller in cash, subject to any withholding of taxes and without interest (the “ Closing Amount”), 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
Closing Amount plus one CVR collectively, the “Offer Price”), upon 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 to the Schedule TO as Exhibits (a)(1)(A) and (a)(1)(B),
respectively (which the Offer to Purchase, Letter of Transmittal and other related materials, as each may be amended or supplemented from
time to time, collectively constitute the “Offer”).

Except as otherwise set forth
in this Amendment, the information set forth in the Schedule TO remains unchanged and is incorporated herein by reference to the extent
relevant to the items in this Amendment. Capitalized terms used but not defined herein have the meanings assigned to such terms in the
Offer to Purchase or in the Schedule TO.

The Schedule TO is hereby amended
and supplemented as follows:

Items 1 through 9 and Item 11.

The information set forth in the Offer to Purchase and Items 1 through
9 and Item 11 of the Schedule TO, to the extent such