Company: SUPN
Filing Date: 2025-06-16
Form Type: SC TO-C
Source: 0001104659-25-059956
Chunk: 0

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-06-16
Form: SC TO-C
Chunk 0
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<div align='center'>UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE TO

Tender Offer Statement under Section 14(d)(1) or 13(e)(1)

of the Securities Exchange Act of 1934

SAGE THERAPEUTICS, INC.

(Name of Subject Company (Issuer))

Saphire, Inc.

(Offeror)

a wholly-owned subsidiary of

SUPERNUS PHARMACEUTICALS, INC.

(Parent of Offeror)

(Names of Filing Persons)

Common Stock par value $0.0001 per share

(Title of Class of Securities)

78667J108

( CUSIP Number of Class of Securities)

Timothy C. Dec

Senior Vice President and Chief Financial Officer

Supernus Pharmaceuticals, Inc.

9715 Key West Ave

Rockville, Maryland 20850

Telephone: (301) 838-2500

Copies to:

Mark I. Gruhin

George A. Naya

Saul Ewing LLP

1919 Pennsylvania Avenue NW, Suite 550

Washington, DC 20006

Telephone: (202) 333-8800</div>

| Transaction  Valuation* | Amount         
 Of Filing Fee* |
| N/A                     | N/A            |

| * | A filing fee is not required in connection with this filing as it relates solely to preliminary communications 
 made before the commencement of a tender offer.                                                                |

| ☐ | Check box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with                                   
 which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the form or schedule and 
 the date of its filing.                                                                                                                  |

| Amount Previously Paid: Not applicable  |     | Filing Party: Not applicable |
| Form or Registration No: Not applicable |     | Date Filed: Not applicable   |

| x | Check the box if the filing relates solely to preliminary communications 
 made before the commencement of a tender offer.                          |

Check the appropriate boxes below to designate any transactions
to which the statement relates:

| x | third-party tender offer subject to Rule 14d-1. |

| ¨ | issuer tender offer subject to Rule 13e-4. |

| ¨ | going-private transaction subject to Rule 13e-3. |

| ¨ | amendment to Schedule