Company: SUPN
Filing Date: 2025-06-16
Form Type: SC TO-C
Source: 0001104659-25-059761
Chunk: 1

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-06-16
Form: SC TO-C
Chunk 1
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 of this chapter).¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

| Item 1.01 | Entry into a Material Definitive Agreement. |

On June 13, 2025, Supernus
Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Sage Therapeutics, Inc., a Delaware corporation (“Sage”),
entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Sage and Saphire Inc., a
Delaware corporation and a wholly-owned subsidiary of the Company (“Purchaser”).

Pursuant to the Merger Agreement,
and upon the terms and subject to the conditions thereof, the Company has agreed to cause Purchaser to commence a tender offer (the “Offer”)
no later than July 2, 2025, to purchase all of the outstanding shares of common stock of Sage, par value $0.0001 per share (the “Shares”
and each, a “Share”), at an offer price of (i) $8.50 per Share, in cash, less any applicable withholding taxes and without
interest (the “Cash Amount”), plus (ii) one contingent value right per Share (a “CVR”), which represents the right
to receive the Milestone Payment(s) (as defined below), which CVRs are governed by the terms of the CVR Agreement (as defined below),
in cash, less any applicable withholding taxes and without interest (the Cash Amount plus the CVR, collectively, the “Offer Price”).
Following the consummation of the Offer and subject to the terms and conditions of the Merger Agreement, Purchaser will be merged with
and into Sage (the “Merger” and, together with the Offer, the “Transactions”) pursuant to Section 251(h) of the
General Corporation Law of the State of Delaware (the “DGCL”), with Sage continuing as the surviving corporation in the Merger
and a wholly-owned subsidiary of the Company. At the effective time of the Merger (the “Effective Time”), each Share that
was not tendered in the Offer, other than Excluded Shares and Dissenting Shares (each as defined in the Merger Agreement), will be converted
into the right to receive the Offer Price, less any applicable