Company: SUPN
Filing Date: 2025-07-31
Form Type: SC TO-T/A
Source: 0001104659-25-072515
Chunk: 2

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-07-31
Form: SC TO-T/A
Chunk 2
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 Items incorporate by reference the information contained in the Offer to Purchase,
is hereby amended and supplemented to include the foregoing:

“The Offer and withdrawal rights
expired one minute following 11:59 p.m., Eastern Time, on July 30, 2025. The Depositary has advised Purchaser that a total of
36,313,509 Shares were validly tendered (and not validly withdrawn) pursuant to the Offer prior to the Expiration Date, representing
approximately 58% of the outstanding Shares as of the Expiration Date.

The number of Shares validly tendered (and not validly withdrawn) pursuant
to the Offer satisfies the Minimum Condition, and all other conditions to the Offer have been satisfied or (to the extent waivable) waived.
Effective as of the time on which the Offer expired on the Expiration Date, all Shares that were validly tendered (and not validly withdrawn)
pursuant to the Offer were irrevocably accepted for payment by Purchaser.

Purchaser will pay all such validly tendered Shares in accordance with
the terms of the Offer.

Following consummation of the Offer, the remaining conditions to the
merger set forth in the Merger Agreement were satisfied, and Purchaser was merged with and into Sage, without a vote of Sage’ stockholders
in accordance with Section 251(h) of the DGCL (the “Merger”). Pursuant to the Merger Agreement, at the Effective
Time, each then outstanding Share not purchased pursuant to the Offer (other than certain excluded Shares as described in the Merger Agreement)
was converted into the right to receive (a) $8.50 per Share, net to the seller in cash, subject to any withholding of taxes and without
interest, plus (b) one non-transferable and non-tradable contingent value right per share, which represents the right to receive
the Milestone Payments (as defined in 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 full text of the press release issued by Supernus on July 31,
2025, announcing the successful completion of its acquisition of Sage, including the successful completion of both the Offer and the Merger,
is incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by Supernus with the SEC on July 31,
2025.”

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