# EDGAR Filing Document

**Accession Number:** 0001597553
**File Stem:** 0001193125-25-141503
**Filing Date:** 2025-6
**Character Count:** 104245
**Document Hash:** bf7523aebbfd689e07f3e2e774a2229e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-141503.hdr.sgml**: 20250616

**ACCESSION NUMBER**: 0001193125-25-141503

**CONFORMED SUBMISSION TYPE**: SC14D9C

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20250616

**DATE AS OF CHANGE**: 20250616

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sage Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001597553
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC14D9C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-88275
- **FILM NUMBER:** 251051133

**BUSINESS ADDRESS:**
- **STREET 1:** 55 CAMBRIDGE PARKWAY
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142
- **BUSINESS PHONE:** 617-299-8380

**MAIL ADDRESS:**
- **STREET 1:** 55 CAMBRIDGE PARKWAY
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sage Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001597553
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC14D9C

**BUSINESS ADDRESS:**
- **STREET 1:** 55 CAMBRIDGE PARKWAY
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142
- **BUSINESS PHONE:** 617-299-8380

**MAIL ADDRESS:**
- **STREET 1:** 55 CAMBRIDGE PARKWAY
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 14D-9** 

**(Rule 14d-101)** 

**Solicitation/Recommendation Statement** 

**Under Section 14(d)(4) of the Securities Exchange Act of 1934** 

## Sage Therapeutics, Inc.
**(Name of Subject Company)** 

**(Name of Persons Filing Statement)** 

**Common Stock, par value $0.0001 per share** 

**(Title of Class of Securities)** 

**78667J108** 

**(CUSIP Number of Class of Securities)** 

**Gregory Shiferman** 

**Senior Vice President, General Counsel** 

**55 Cambridge Parkway** 

**Cambridge, MA 02142** 

**(617) 299-8380** 

**(Name, address, and telephone numbers of person authorized to receive notices and communications** 

**on behalf of the persons filing statement)** 

***With copies to:***

**Graham Robinson, P.C.** 

**Laura Knoll, P.C.** 

**Kirkland & Ellis LLP** 

**200 Clarendon Street** 

**Boston, Massachusetts 02116** 

**(617) 385-7500** 

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

------

This Schedule 14D-9 filing relates solely to preliminary communications made before the commencement of a planned tender offer (the "<u>Offer</u>") by Saphire, Inc. ("<u>Purchaser</u>"), a Delaware corporation and a wholly owned subsidiary of Supernus Pharmaceuticals, Inc., a Delaware corporation ("<u>Parent</u>"), for all of the outstanding shares of common stock, par value $0.0001 per share of Sage Therapeutics, Inc., a Delaware corporation (the "<u>Company</u>"), to be commenced pursuant to the Agreement and Plan of Merger, dated as of June 13, 2025, by and among Parent, Purchaser and the Company. If successful, the Offer will be followed by a merger of Purchaser with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the "<u>Merger</u>").

This Schedule 14D-9 filing consists of the following documents relating to the proposed Offer and Merger:

---

| | |
|:---|:---|
| • Exhibit 99.1: | [The information set forth under Items 1.01, 7.01 and 9.01 of the Current Report on Form 8-K filed by the Company on June 16, 2025 (including all exhibits attached thereto and incorporated therein by reference) is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1597553/000119312525141112/d19535d8k.htm) |
| • Exhibit 99.2: | [Master Q&A](d69141dex992.htm) |
| • Exhibit 99.3: | [Social media post, dated June 16, 2025](d69141dex993.htm) |
| • Exhibit 99.4: | [Letter to Company employees, dated June 16, 2025](d69141dex994.htm) |
| • Exhibit 99.5: | [Master Employee Q&A, dated June 16, 2025](d69141dex995.htm) |
| • Exhibit 99.6: | [Form of letter to suppliers and vendors](d69141dex996.htm) |
| • Exhibit 99.7: | [Email from Parent to Company employees, dated June 16, 2025](d69141dex997.htm) |

---

**Additional Information and Where to Find It** 

The tender offer (the "<u>Offer</u>") for the outstanding shares of common stock (the "<u>Shares</u>") of Sage Therapeutics, Inc., a Delaware corporation (the "<u>Company</u>"), described in this communication has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that Supernus Pharmaceuticals, Inc., a Delaware corporation ("<u>Parent</u>") and Saphire, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("<u>Purchaser</u>"), will file with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") upon commencement of the Offer. A solicitation and offer to buy outstanding Shares will only be made pursuant to the Offer materials that Parent and Purchaser intend to file with the SEC. At the time the Offer is commenced, Parent and Purchaser will file Offer materials on Schedule TO, and the Company will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the Offer. THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all stockholders of the Company at no expense to them under the "Investor Relations" section at Parent's website at https://www.supernus.com. Free copies of these materials and certain other offering documents will be made available by the Company under the "Investors & Media" section of the Company's website at https://www.sagerx.com/ or by directing requests for such materials to the information agent for the Offer, which will be named in the tender offer materials. The information contained in, or that can be accessed through, Parent's or the Company's website is not a part of, or incorporated by reference into, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at www.sec.gov.

------

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other Offer documents, as well as the Solicitation/Recommendation Statement, Parent and the Company file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements, or other information filed by Parent and the Company with the SEC for free on the SEC's website at www.sec.gov.

**Forward Looking Statements** 

This communication contains forward-looking statements related to the Company, Parent, the Offer, the merger of Purchaser with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the "<u>Merger</u>"), the Agreement and Plan of Merger, dated June 13, 2025, by and among Parent, Purchaser, and the Company (the "<u>Merger Agreement</u>") and the other transactions contemplated by the Merger Agreement (collectively, the "<u>Transactions</u>") that involve substantial risks and uncertainties. Forward-looking statements include any statements containing the words "anticipate," "believe," "contemplate," "estimate," "expect," "intend", "goal," "may", "might," "plan," "predict," "project," "seek," "opportunity," "target," "potential," "will," "would," "could," "should," "continue" and similar expressions. In this communication, the Company's forward-looking statements include statements about the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions to the consummation of the Transactions; statements about the expected timetable for completing the Transactions; the Company's plans, objectives, expectations and intentions; the financial condition, results of operations and business of the Company and Parent; the Company's ability to commercialize current and future product candidates (including further commercialization of ZURZUVAE); and the anticipated timing of the closing of the Transactions.

Forward-looking statements are subject to certain risks, uncertainties or other factors that are difficult to predict, and could cause actual events or results to differ materially from those indicated in any such statements due to a number of risks and uncertainties. Those risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include, among other things: uncertainties as to the timing of the Offer and the Merger; uncertainties as to how many of the Company's stockholders will tender their Shares in the Offer; risks related to non-achievement of the CVR milestones and that holders of the CVRs will not receive any payments in respect of those CVRs; the possibility that competing offers will be made; the possibility that various closing conditions for the Transactions may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Transactions; the effects of the Transactions on relationships with employees, other business partners or governmental entities; the difficulty of predicting the timing or outcome of U.S. Food and Drug Administration approvals or actions, if any; the impact of competitive products and pricing; that Parent may not realize the potential benefits of the Transactions; other business effects, including the effects of industry, economic or political conditions outside of the companies' control; transaction costs; actual or contingent liabilities; the Company's launch and commercialization efforts in the U.S. with respect to ZURZUVAE for the treatment of women with PPD may not be successful; ZURZUVAE may not achieve the clinical benefit, clinical use or market acceptance for the treatment of PPD the Company or Parent expects or they may encounter reimbursement, market access, process-related or other issues, including competition in the market, that impact the success of their commercialization efforts; ZURZUVAE may never become the standard of care for women with PPD; and other risks listed under the heading "Risk Factors" in the Company's periodic reports filed with the U.S. Securities and Exchange Commission, including current reports on Form 8-K, quarterly reports on Form 10-Q, annual reports on Form 10-K, as well as the Schedule 14D-9 to be filed by the Company and the Schedule TO and related tender offer documents to be filed by Parent and Purchaser. You should not place undue reliance on these statements. All forward-looking statements are based on information currently available to the Company and Parent, and the Company and Parent disclaim any obligation to update the information contained in this communication as new information becomes available.

## Exhibit 99.2

**Exhibit 99.2** 

**Page 1 of 12**

**Master Q&A** 

**General / Supernus** 

**1.** **What was announced?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We announced that Sage has entered into an agreement to be acquired by Supernus Pharmaceuticals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This transaction concludes the Board's thoughtful and comprehensive strategic review process announced in
January and marks the beginning of an exciting next chapter for Sage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As part of Supernus, we believe we will be well positioned to continue the growth of ZURZUVAE, reach more women
with PPD, and advance our mission of delivering life-changing brain health medicines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus' commitment to patients and dedication to the development of innovative product candidates in
neurology and psychiatry makes this an easy and aligned partnership.

**2.** **Why did Sage enter into this transaction with Supernus? Why now?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Since January, our Board has been conducting a thoughtful and comprehensive review of strategic alternatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After evaluating the opportunities available to the Company, the Board unanimously determined that this
transaction with Supernus is the best path forward for Sage and maximizes value for our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus' commitment to patients and dedication to the development of innovative product candidates in
neurology and psychiatry makes this an easy and aligned partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As part of Supernus, we believe we will be well positioned to continue the growth of ZURZUVAE, reach women with
PPD, and advance our mission of delivering life-changing brain health medicines.

**3.** **Does this transaction impact Sage's strategy moving forward? What does this mean for ZURZUVAE? What about the rest of Sage's pipeline?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Like Sage, Supernus is focused on supporting brain health and function, and their portfolio includes several
products to treat neurological and psychiatric conditions, including epilepsy, Parkinson's and ADHD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus sees the tremendous opportunity of ZURZUVAE, and is excited to get to work advancing our mission and
helping more women with PPD.

**4.** **When is the transaction expected to close?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and
regulatory approvals, as well as the tender of a majority of the outstanding shares of Sage's common stock.

------

**Page 2 of 12**

**5.** **Will Sage leadership remain with the Company as part of Supernus?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Today is just the first step in Sage becoming part of Supernus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are many decisions that still need to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leaders from both companies will work closely to determine how to best bring our two organizations together.

**6.** **Will Supernus and Biogen work well together?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus is committed to working with Biogen to advance the commercialization of ZURZUVAE as a treatment for
women with PPD and its ongoing growth, and both parties see the tremendous opportunity for this important treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We're focused on executing on the transaction we've just announced, which we are confident is in the
best interests of our shareholders.

**Biogen** 

**7.** **Have you been in touch with Biogen? What have they said?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have an ongoing dialogue with Biogen as part of our collaboration agreement on ZURZUVAE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They are dedicated to ZURZUVAE, but beyond that I don't want to comment for them.

**8.** **Does Biogen have a right of first refusal to acquire Sage? What are the terms?** 

No.

**9.** **How will this transaction affect your ongoing partnership with Biogen on ZURZUVAE? Does this change in control impact any of the terms of the agreement with Biogen regarding ZURZUVAE?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We believe that Supernus and Biogen have a common interest in achieving the potential of ZURZUVAE and helping
more women with PPD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Today we're focused on executing on the transaction we've just announced, which we are confident is in
the best interest of our shareholders.

**Investors / Analysts** 

**10.** **What are the terms?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under the terms of the agreement, Sage shareholders will receive $8.50 per share, plus one non-tradable contingent value right (CVR) payable upon achieving certain specific milestones collectively worth up to $3.50 per share in cash, for an aggregate of up to approximately $795 million or $12.00 per
share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The CVR entitles Sage stockholders to receive up to $3.50 per share payable upon ZURZUVAE achieving certain sales
and commercial milestones within certain specified periods (subject to the terms and conditions contained in a Contingent Value Rights Agreement detailing the terms of the CVR). These milestones include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (1) $1.00 per share payable if in any calendar year between closing and end of 2027, annual net sales of ZURZUVAE
allocable to Supernus reach $250 million or more in the U.S.,

------

**Page 3 of 12**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (2) $1.00 per share payable if in any calendar year between closing and end of 2028, annual net sales of ZURZUVAE
allocable to Supernus reach $300 million or more in the U.S.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (3) $1.00 per share payable if in any calendar year between closing and end of 2030, annual net sales of ZURZUVAE
allocable to Supernus reach $375 million or more in the U.S., and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (4) $0.50 per share at first commercial sale in Japan to a third-party customer after regulatory approval for
ZURZUVAE for the treatment of major depressive disorder (MDD) in Japan by June 30, 2026.

**11.** **Do you believe this is the best price for Sage? Was Supernus' the highest offer?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board evaluated a broad range of alternatives and unanimously determined that the compelling transaction we
have announced maximizes shareholder value and is in the best interest of Sage and our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The $12.00 per share total consideration represents a 116% premium to our closing stock price on January 10,
2025, prior to Biogen's unsolicited public offer to buy Sage later that day. The $8.50 per share upfront cash consideration represents a 53% premium to our closing stock price on January 10, 2025, prior to Biogen's unsolicited public
offer to buy Sage later that day. Additional details on the background will be available in our tender offer documents, which will be filed with the SEC in due course.

**12.** **What is the transaction value excluding Supernus' cash?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The aggregate total consideration is approximately $795 million. The aggregate upfront cash consideration is
approximately $561 million. As of March 31, 2025, we had $424 million in cash, cash equivalents, and marketable securities. We'll disclose an updated cash balance in SEC filings in due course.

**13.** **What other options did you evaluate as part of the strategic alternatives process? Is this the best outcome you could have achieved?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board evaluated a broad range of alternatives and unanimously determined that the compelling transaction we
have announced maximizes shareholder value and is in the best interest of Sage and our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional details on the background will be available in our tender offer documents, which will be filed with
the SEC in due course.

**14.** **How many parties did you meet with as part of the strategic alternatives process? How many bids did you receive for the Company? Who else was interested?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We're not going to get ahead of details on the background to the transaction, which will be available in our
tender offer filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• What I can say is that the Board, with the assistance of outside legal and financial advisors, conducted a
thoughtful and comprehensive review of strategic alternatives.

------

**Page 4 of 12**

**15.** **How confident are you that you will achieve the milestone payments?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As the first and only oral treatment for women with postpartum depression, we believe ZURZUVAE is well positioned
for continued growth and success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We negotiated a transaction structure that delivers immediate and certain value to Sage shareholders today, while
also enabling them to continue to participate in ZURZUVAE's upside potential following close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Both Supernus and Sage believe there is a tremendous opportunity in ZURZUVAE as a treatment for women with PPD.

**16.** **Do you have any insight into what Supernus plans to do with the R&D side of Sage's business?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus continues to evaluate the potential of pipeline programs and assess development strategy.

**17.** **What happens if a third party emerges with a higher bid?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We're not going to speculate on hypotheticals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We're focused on executing on the transaction we've just announced, which we are confident is in the
best interest of our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board is well advised and aware of its fiduciary duties.

**18.** **Was the Board's decision unanimous?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes.

**19.** **Did Sage receive a fairness opinion?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board received a fairness opinion from Goldman Sachs.

**20.** **Is there a go-shop provision?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board evaluated a broad range of alternatives and unanimously determined that the compelling transaction we
have announced maximizes shareholder value and is in the best interest of Sage and our shareholders.

**21.** **Is there a termination fee? Reverse termination fee? If so, how much?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a termination fee payable by Sage under the normal circumstances of approximately $22.4 million.
Additional details on the transaction are available in our merger agreement, which has been filed with the SEC.

**22.** **What approvals are required to complete the transaction?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and
regulatory approvals, as well as the tender of a majority of the outstanding shares of Sage's common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We're confident in our ability to complete the transaction.

**23.** **Do you expect regulatory scrutiny?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are well advised, and we're confident in our ability to complete the transaction.

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**Page 5 of 12**

**24.** **How are other shareholders reacting to the announcement?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have received positive feedback on the value-maximizing transaction we've announced.

**25.** **Why a tender offer? Were other structures considered?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A tender offer provides an efficient and commonly used method of completing the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The tender offer will commence by July 2, 2025, to acquire all outstanding shares of Sage common stock.

**26.** **When does the tender offer close?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus will promptly commence the tender offer, and it will expire 20 business days after its commencement,
unless otherwise extended.

**Employees** 

**27.** **Why Supernus? Why is this a good fit?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a biopharmaceutical company focused on developing and commercializing products for the treatment of central
nervous system diseases, Supernus shares our commitment to serving patients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Like Sage, Supernus is focused on supporting brain health and function, and their portfolio includes several
products to treat neurological and psychiatric conditions, including epilepsy, Parkinson's and ADHD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus sees the tremendous opportunity of ZURZUVAE, and is excited to get to work advancing our mission and
helping more women with PPD.

**28.** **What happened to Biogen's offer?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After evaluating the value maximizing opportunities available to the Company, the Board unanimously determined
that this transaction with Supernus is the best path forward for Sage and our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus is committed to working with Biogen to advance the commercialization of ZURZUVAE as a treatment for
women with PPD and its ongoing growth, and both parties see the tremendous opportunity for this important treatment.

**29.** **What does this mean for me/my role?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This announcement is just the first step in the process of Sage becoming part of Supernus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until closing of the transaction, we remain two separate companies and Sage continues to operate business as
usual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please remain focused on the important work you do every day so that we can continue to support the patients and
healthcare providers who rely on us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over the coming months, leaders from both companies will work together to determine how to best bring our two
organizations together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will keep you updated as we work through this process.

**30.** **Will there be layoffs? If so, will there be a severance package?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This announcement is just the first step in the process of Sage becoming part of Supernus, and there are many
decisions that still need to be made.

------

**Page 6 of 12**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over the coming months, leaders from both companies will work together to determine how to best bring our two
organizations together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event of employee redundancies or other decisions impacting specific roles, there will be a comprehensive
package of resources provided to employees transitioning out of the organization, including severance and continuation of healthcare benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will keep you updated as we work through this process. As a reminder, no actions will be taken prior to the
close of the transaction.

**31.** **Will there be any changes to employee compensation or benefits?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are no immediate changes to employee compensation or benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the transaction closes, we will remain a separate, independent company and it is business as usual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leaders from both companies will work together to determine how to best bring our two organizations together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect further clarity, including specifics around Sage compensation and benefits programs, as we move through
the process.

**32.** **Will there be changes in my day-to-day responsibilities or reporting structure?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are no immediate changes to your day-to-day responsibilities or reporting structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the transaction closes, we will remain a separate, independent company and it is business as usual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leaders from both companies will work together to determine how to best bring our two organizations together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will keep you updated as we work through this process.

**33.** **What will happen to Sage's leadership team?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Today is just the first step in a longer process to bring the two organizations together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leaders from both companies will work together to determine how to best bring our two organizations together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will keep you updated as these decisions are made.

**34.** **What does this mean for our pipeline?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leaders from both companies will work together to determine how to best bring our two organizations together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus continues to evaluate the potential of our pipeline programs and assess development strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will keep you updated as we work through this process.

**35.** **When will the transaction close?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and
regulatory approvals, as well as the tender of a majority of the outstanding shares of Sage's common stock.

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**Page 7 of 12**

**36.** **What will happen to the Sage stock I own?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under the terms of the agreement, Sage shareholders will receive $8.50 per share, plus one non-tradable contingent value right (CVR) payable upon achieving certain specific milestones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The CVR entitles Sage stockholders to receive up to an additional $3.50 per share payable upon ZURZUVAE achieving
certain sales and commercial milestones within certain specified periods (subject to the terms and conditions contained in a Contingent Value Rights Agreement detailing the terms of the CVR). These milestones include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (1) $1.00 per share payable if in any calendar year between closing and end of 2027, annual net sales of ZURZUVAE
allocable to Supernus reach $250 million or more in the U.S.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (2) $1.00 per share payable if in any calendar year between closing and end of 2028, annual net sales of ZURZUVAE
allocable to Supernus reach $300 million or more in the U.S.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (3) $1.00 per share payable if in any calendar year between closing and end of 2030, annual net sales of ZURZUVAE
allocable to Supernus reach $375 million or more in the U.S., and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (4) $0.50 per share at first commercial sale in Japan to a third-party customer after regulatory approval for
ZURZUVAE for the treatment of major depressive disorder (MDD) in Japan by June 30, 2026.

**37.** **What will happen to my Sage stock options, RSUs, and/or PSUs?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In general, upon effectiveness of the merger, stock options, RSUs, and PSUs will be accelerated and deemed fully
vested, subject to the applicable strike price and treatment of specific PSU milestone addressed in the agreement. Additional details are outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Options:*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon the effectiveness of the merger, all of your outstanding and unexercised options with an exercise price *lower than* $8.50 per share, whether or not vested, will be deemed fully vested and will convert into the right to receive a cash payment (without interest) equal to the product of the excess of $8.50 over the per share exercise price of the
option, multiplied by the total number of shares subject to such option. In addition, each such option will be converted into the right to receive one non-tradable contingent value right (CVR), which entitles
Sage stockholders to receive up to an additional $3.50 per share, multiplied by the total number of shares subject to such option. The CVR is payable upon ZURZUVAE achieving certain sales and commercial milestones within certain specified periods,
as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each option, whether or not vested, with an exercise price *equal to or greater than* $8.50 per share will
be cancelled without payment.

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**Page 8 of 12**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***RSUs:*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon the effectiveness of the merger, each restricted stock unit (RSU) you hold will be deemed fully vested and
will convert into the right to receive a cash payment (without interest) equal to $8.50 per share multiplied by the number of shares subject to such RSU. In addition, each such RSU will be converted into the right to receive one non-tradable contingent value right (CVR), which entitles Sage stockholders to receive up to an additional $3.50 per share, multiplied by the total number of shares subject to such RSU. The CVR is payable upon
ZURZUVAE achieving certain sales and commercial milestones within certain specified periods, as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***PSUs:*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon the effectiveness of the merger, each performance restricted stock unit (PSU) you hold for which the
applicable performance period or milestone performance metric has not been achieved will vest pursuant to the terms of the merger agreement and will convert into the right to receive a cash payment (without interest) equal to $8.50 per share
multiplied by the number of shares subject to such PSU, after giving effect to the agreed-upon vesting levels for such PSU set forth in the merger agreement. In addition, each such PSU will be converted into the right to receive one non-tradable contingent value right (CVR), which entitles Sage stockholders to receive up to an additional $3.50 per share, multiplied by the total number of shares subject to such PSU, after giving effect to the
agreed-upon vesting levels for such PSU set forth in the merger agreement. The CVR is payable upon ZURZUVAE achieving certain sales and commercial milestones within certain specified periods, as described above.

**38.** **What is a CVR?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Contingent Value Right, or CVR, allows shareholders to receive additional payment if certain events or
milestones occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In this case, the CVR entitles Sage stockholders to receive up to an additional $3.50 per share payable upon
ZURZUVAE achieving certain sales and commercial milestones within certain specified periods (subject to the terms and conditions contained in a Contingent Value Rights Agreement detailing the terms of the CVR). These milestones include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (1) $1.00 per share payable if in any calendar year between closing and end of 2027, annual net sales of ZURZUVAE
allocable to Supernus reach $250 million or more in the U.S.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (2) $1.00 per share payable if in any calendar year between closing and end of 2028, annual net sales of ZURZUVAE
allocable to Supernus reach $300 million or more in the U.S.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (3) $1.00 per share payable if in any calendar year between closing and end of 2030, annual net sales of ZURZUVAE
allocable to Supernus reach $375 million or more in the U.S., and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (4) $0.50 per share at first commercial sale in Japan to a third-party customer after regulatory approval for
ZURZUVAE for the treatment of major depressive disorder (MDD) in Japan by June 30, 2026.

**39.** **What should I tell HCPs, partners or other stakeholders who ask me about this announcement?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You should tell them that we are continuing to operate business as usual in the immediate term, and we will
continue to work with them just as we always have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We remain focused on executing our strategy and continuing the launch and commercialization of ZURZUVAE as a
treatment for women with PPD.

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**Page 9 of 12**

**40.** **What should I do if an analyst or member of the media contacts me?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is important that we speak with one voice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consistent with Company policy, if you receive any inquiries from members of the media, investors or the analyst
community, please do not respond, and instead forward the inquiry to Francesca Dellelci at Francesca.Dellelci@Sagerx.com

**41.** **When will I receive additional information on this transaction? Who can I speak to if I have additional questions?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are committed to transparency and will continue to share updates as we work through the process to close the
transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As always, feel free to speak to your manager with any questions you may have.

**42.** **What should I do from now until when the deal closes?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are no immediate changes to your day-to-day responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the transaction closes, we will remain a separate, independent company and it is business as usual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leaders from both companies will work together to determine how to best bring our two organizations together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will keep you updated as we work through this process.

**43.** **Are there any changes to our partnership with Biogen?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the transaction closes, we will remain a separate, independent company and it is business as usual. There
are no changes to our partnership with Biogen during that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus is committed to working with Biogen to advance the commercialization of ZURZUVAE as a treatment for
women with PPD and its ongoing growth.

**HCPs / PAGs / KOLs** 

**44.** **What does this mean for me?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Today's announcement is the first step in the process. We expect the transaction to close in the third
quarter of 2025, subject to customary closing conditions and regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until then, we remain two separate companies and it is business as usual for all of us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This means we will continue to work with you as we always have until then

**45.** **What does this mean for patients?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Today's announcement is the first step in the process. We expect the transaction to close in the third
quarter of 2025, subject to customary closing conditions and regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until then, we remain two separate companies and it is business as usual for all of us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Importantly, Supernus shares Sage's commitment to serving patients.

**46.** **What should I tell patients if they ask about the transaction?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is business as usual and we look forward to continuing to serve them.

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**Page 10 of 12**

**47.** **Could this transaction lead to price increases of ZURZUVAE? Could it lead to other changes for ZURZUVAE?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is business as usual. We cannot comment on future plans for ZURZUVAE.

**48.** **What happens next? I work with a Sage contact now. Who will I work with once the transaction closes?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect the transaction to close in the third quarter of 2025, subject to customary closing conditions and
regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until then, we remain two separate companies and it is business as usual for all of us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As we work towards close of the transaction, we are committed to keeping you informed as we have updates to
share.

**Partners** 

**49.** **What does this mean for Sage partners?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect the transaction to close in the third quarter of 2025, subject to customary closing conditions and
regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until then, we remain two separate companies and it is business as usual for all of us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This means we will continue to work with you as we always have until then.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As we work towards close of the transaction, we are committed to keeping you informed as we have updates to
share.

**50.** **Does this transaction change how we work together?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect the transaction to close in the third quarter of 2025, subject to customary closing conditions and
regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until then, we remain two separate companies and it is business as usual for all of us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will continue to work with you as we always have until the transaction is complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are committed to keeping you informed as we have updates to share.

**51.** **Does this impact my contract with Sage?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect the transaction to close in the third quarter of 2025, subject to customary closing conditions and
regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until then, we remain two separate companies and it is business as usual for all of us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This means there are no near-term changes to our existing contracts or how we work with you.

**52.** **What does this mean for the clinical trials underway?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect the transaction to close in the third quarter of 2025, subject to customary closing conditions and
regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until then, we remain two separate companies and it is business as usual for all of us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are committed to keeping you informed as we work through process to closing the transaction.

**53.** **Will my point of contact remain the same?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes, please continue to reach out to your usual contact.

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**Page 11 of 12**

**54.** **Who can I contact if I have additional questions?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are committed to keeping you informed as we work through process to closing the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the meantime, should you have any questions, please don't hesitate to reach out to [me / your usual
contact].

**Additional Information and Where to Find It** 

The tender offer (the "<u>Offer</u>") for the outstanding shares of common stock (the "<u>Shares</u>") of Sage Therapeutics, Inc., a Delaware corporation (the "<u>Company</u>"), described in this communication has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that Supernus Pharmaceuticals, Inc., a Delaware corporation ("<u>Parent</u>") and Saphire, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("<u>Purchaser</u>"), will file with the SEC upon commencement of the Offer. A solicitation and offer to buy outstanding Shares will only be made pursuant to the Offer materials that Parent and Purchaser intend to file with the SEC. At the time the Offer is commenced, Parent and Purchaser will file Offer materials on Schedule TO, and the Company will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the Offer. THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all stockholders of the Company at no expense to them under the "Investor Relations" section at Parent's website at <u>https://www.supernus.com</u>. Free copies of these materials and certain other offering documents will be made available by the Company under the "Investors & Media" section of the Company's website at <u>https://www.sagerx.com/</u> or by directing requests for such materials to the information agent for the Offer, which will be named in the tender offer materials. The information contained in, or that can be accessed through, Parent's or the Company's website is not a part of, or incorporated by reference into, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>.

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other Offer documents, as well as the Solicitation/Recommendation Statement, Parent and the Company file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements, or other information filed by Parent and the Company with the SEC for free on the SEC's website at <u>www.sec.gov</u>.

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**Page 12 of 12**

**Forward Looking Statements** 

This communication contains forward-looking statements related to the Company, Parent, the Offer, the merger of Purchaser with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the "<u>Merger</u>"), the Agreement and Plan of Merger, dated June 13, 2025, by and among Parent, Purchaser, and the Company (the "<u>Merger Agreement</u>") and the other transactions contemplated by the Merger Agreement (collectively, the "<u>Transactions</u>") that involve substantial risks and uncertainties. Forward-looking statements include any statements containing the words "anticipate," "believe," "contemplate," "estimate," "expect," "intend", "goal," "may", "might," "plan," "predict," "project," "seek," "opportunity," "target," "potential," "will," "would," "could," "should," "continue" and similar expressions. In this communication, the Company's forward-looking statements include statements about the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions to the consummation of the Transactions; statements about the expected timetable for completing the Transactions; the Company's plans, objectives, expectations and intentions; the financial condition, results of operations and business of the Company and Parent; the Company's ability to commercialize current and future product candidates (including further commercialization of ZURZUVAE); and the anticipated timing of the closing of the Transactions.

Forward-looking statements are subject to certain risks, uncertainties or other factors that are difficult to predict, and could cause actual events or results to differ materially from those indicated in any such statements due to a number of risks and uncertainties. Those risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include, among other things: uncertainties as to the timing of the Offer and the Merger; uncertainties as to how many of the Company's stockholders will tender their Shares in the Offer; risks related to non-achievement of the CVR milestones and that holders of the CVRs will not receive any payments in respect of those CVRs; the possibility that competing offers will be made; the possibility that various closing conditions for the Transactions may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Transactions; the effects of the Transactions on relationships with employees, other business partners or governmental entities; the difficulty of predicting the timing or outcome of U.S. Food and Drug Administration approvals or actions, if any; the impact of competitive products and pricing; that Parent may not realize the potential benefits of the Transactions; other business effects, including the effects of industry, economic or political conditions outside of the companies' control; transaction costs; actual or contingent liabilities; the Company's launch and commercialization efforts in the U.S. with respect to ZURZUVAE for the treatment of women with PPD may not be successful; ZURZUVAE may not achieve the clinical benefit, clinical use or market acceptance for the treatment of PPD the Company or Parent expects or they may encounter reimbursement, market access, process-related or other issues, including competition in the market, that impact the success of their commercialization efforts; ZURZUVAE may never become the standard of care for women with PPD; and other risks listed under the heading "Risk Factors" in the Company's periodic reports filed with the U.S. Securities and Exchange Commission, including current reports on Form 8-K, quarterly reports on Form 10-Q, annual reports on Form 10-K, as well as the Schedule 14D-9 to be filed by the Company and the Schedule TO and related tender offer documents to be filed by Parent and Purchaser. You should not place undue reliance on these statements. All forward-looking statements are based on information currently available to the Company and Parent, and the Company and Parent disclaim any obligation to update the information contained in this communication as new information becomes available.

## Exhibit 99.3

**Exhibit 99.3** 

**Social media post** 

**Corporate LinkedIn** 

Today, we announced an agreement to be acquired by Supernus Pharmaceuticals. As part of Supernus, we look forward to building on our commitment to brain health and continuing our work in postpartum depression. You can read more important information about this exciting transaction here <u>https://bit.ly/4jXYPx3</u>.

Various employees of the Company subsequently "liked" this post.

## Exhibit 99.4

**Exhibit 99.4** 

**Letter to Company employees** 

Subject: A new chapter for Sage

Sageans,

Nearly fourteen years ago, Sage set out with a bold undertaking to make a difference in brain health. We ambitiously set forth a mission to deliver life-changing brain health medications so every person can thrive. Since our inception, we have operated with determination and perseverance and made significant contributions to science, medicine, and most importantly, patients.

Today, we begin a new chapter. Moments ago, we announced Sage has entered into a definitive agreement to be acquired by Supernus Pharmaceuticals for $8.50 per share, plus one non-tradable contingent value right (CVR) payable upon achieving certain specific milestones collectively worth up to $3.50 per share in cash, for an aggregate of up to approximately $795 million or $12.00 per share. This concludes the strategic alternatives review process in which the Board of Directors, with the assistance of our financial and legal advisors, evaluated a broad range of scenarios that would advance our work in brain health while maximizing shareholder value. We believe combining resources with Supernus provides the best path forward to achieve the potential of ZURZUVAE<sup>®</sup> (zuranolone) CIV and to preserve greater flexibility for our pipeline programs. You can read details of the agreement in the <u>press release</u>.

Together, we have made a significant impact on maternal mental health and meaningful progress toward establishing ZURZUVAE as the standard of care for women with PPD. Our science has advanced the understanding of the brain and cognition and shed light on historically understudied conditions. Supernus is well-positioned to build on our foundation and accelerate the commercialization of ZURZUVAE, ultimately benefiting more patients.

I know this announcement brings mixed emotions. This team, along with every Sagean before you, has helped build an incredible, purpose-driven organization. We have pushed boundaries and dreamed big—all while working to create a world with better brain health. We have so much to be proud of as we look ahead to this new chapter.

While today is an important milestone for us, this is just the first step in the process of Sage becoming part of Supernus. We remain two separate companies until the transaction has closed, which we expect to occur in the third quarter of 2025. It's critical that we stay focused on the execution of our goals, our mission, and our day-to-day responsibilities across ZURZUVAE and our pipeline.

We will hold a Company meeting at 10:00 am ET to discuss the news in more detail. We have also attached an FAQ to help answer some of your immediate questions. While we may not be able to answer every question at this stage, we are committed to communicating with you as we have updates to share. Supernus is <u>hosting an investor call</u> at 8:30 am ET if you would like to listen in.

In addition, please note that we have adopted a "no social media comment" policy about the transaction with Supernus. You should not post to social media or share or comment or like posts by others that relate to the transaction. Social media activity about Sage that doesn't mention the transaction can continue in accordance with Sage's existing policies.

------

On behalf of the entire leadership team, thank you for your hard work and dedication to Sage. We are grateful for your endless contributions, and we hope you share immense pride in all that we have accomplished.

bg

**Additional Information and Where to Find It** 

The tender offer (the "<u>Offer</u>") for the outstanding shares of common stock (the "<u>Shares</u>") of Sage Therapeutics, Inc., a Delaware corporation (the "<u>Company</u>"), described in this communication has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that Supernus Pharmaceuticals, Inc., a Delaware corporation ("<u>Parent</u>") and Saphire, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("<u>Purchaser</u>"), will file with the SEC upon commencement of the Offer. A solicitation and offer to buy outstanding Shares will only be made pursuant to the Offer materials that Parent and Purchaser intend to file with the SEC. At the time the Offer is commenced, Parent and Purchaser will file Offer materials on Schedule TO, and the Company will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the Offer. THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all stockholders of the Company at no expense to them under the "Investor Relations" section at Parent's website at https://www.supernus.com. Free copies of these materials and certain other offering documents will be made available by the Company under the "Investors & Media" section of the Company's website at https://www.sagerx.com/ or by directing requests for such materials to the information agent for the Offer, which will be named in the tender offer materials. The information contained in, or that can be accessed through, Parent's or the Company's website is not a part of, or incorporated by reference into, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at www.sec.gov.

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other Offer documents, as well as the Solicitation/Recommendation Statement, Parent and the Company file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements, or other information filed by Parent and the Company with the SEC for free on the SEC's website at www.sec.gov.

------

**Forward Looking Statements** 

This communication contains forward-looking statements related to the Company, Parent, the Offer, the merger of Purchaser with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the "<u>Merger</u>"), the Agreement and Plan of Merger, dated June 13, 2025, by and among Parent, Purchaser, and the Company (the "<u>Merger Agreement</u>") and the other transactions contemplated by the Merger Agreement (collectively, the "<u>Transactions</u>") that involve substantial risks and uncertainties. Forward-looking statements include any statements containing the words "anticipate," "believe," "contemplate," "estimate," "expect," "intend", "goal," "may", "might," "plan," "predict," "project," "seek," "opportunity," "target," "potential," "will," "would," "could," "should," "continue" and similar expressions. In this communication, the Company's forward-looking statements include statements about the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions to the consummation of the Transactions; statements about the expected timetable for completing the Transactions; the Company's plans, objectives, expectations and intentions; the financial condition, results of operations and business of the Company and Parent; the Company's ability to commercialize current and future product candidates (including further commercialization of ZURZUVAE); and the anticipated timing of the closing of the Transactions.

Forward-looking statements are subject to certain risks, uncertainties or other factors that are difficult to predict, and could cause actual events or results to differ materially from those indicated in any such statements due to a number of risks and uncertainties. Those risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include, among other things: uncertainties as to the timing of the Offer and the Merger; uncertainties as to how many of the Company's stockholders will tender their Shares in the Offer; risks related to non-achievement of the CVR milestones and that holders of the CVRs will not receive any payments in respect of those CVRs; the possibility that competing offers will be made; the possibility that various closing conditions for the Transactions may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Transactions; the effects of the Transactions on relationships with employees, other business partners or governmental entities; the difficulty of predicting the timing or outcome of U.S. Food and Drug Administration approvals or actions, if any; the impact of competitive products and pricing; that Parent may not realize the potential benefits of the Transactions; other business effects, including the effects of industry, economic or political conditions outside of the companies' control; transaction costs; actual or contingent liabilities; the Company's launch and commercialization efforts in the U.S. with respect to ZURZUVAE for the treatment of women with PPD may not be successful; ZURZUVAE may not achieve the clinical benefit, clinical use or market acceptance for the treatment of PPD the Company or Parent expects or they may encounter reimbursement, market access, process-related or other issues, including competition in the market, that impact the success of their commercialization efforts; ZURZUVAE may never become the standard of care for women with PPD; and other risks listed under the

------

heading "Risk Factors" in the Company's periodic reports filed with the U.S. Securities and Exchange Commission, including current reports on Form 8-K, quarterly reports on Form 10-Q, annual reports on Form 10-K, as well as the Schedule 14D-9 to be filed by the Company and the Schedule TO and related tender offer documents to be filed by Parent and Purchaser. You should not place undue reliance on these statements. All forward-looking statements are based on information currently available to the Company and Parent, and the Company and Parent disclaim any obligation to update the information contained in this communication as new information becomes available.

## Exhibit 99.5

**Exhibit 99.5** 

**Page 1 of 7**

**Master Employee Q&A** 

**•** **What was announced?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We announced that Sage has entered into an agreement to be acquired by Supernus Pharmaceuticals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This transaction concludes the Board's thoughtful and comprehensive strategic review process announced in
January and marks the beginning of an exciting next chapter for Sage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As part of Supernus, we believe we will be well positioned to continue the growth of ZURZUVAE, reach more women
with PPD, and advance our mission of delivering life-changing brain health medicines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus' commitment to patients and dedication to the development of innovative product candidates in
neurology and psychiatry makes this an easy and aligned partnership.

**•** **Why did Sage enter into this transaction with Supernus? Why now?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Since January, our Board has been conducting a thoughtful and comprehensive review of strategic alternatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After evaluating the opportunities available to the Company, the Board unanimously determined that this
transaction with Supernus is the best path forward for Sage and maximizes value for our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus' commitment to patients and dedication to the development of innovative product candidates in
neurology and psychiatry makes this an easy and aligned partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As part of Supernus, we believe we will be well positioned to continue the growth of ZURZUVAE, reach more women
with PPD, and advance our mission of delivering life-changing brain health medicines.

**•** **Why Supernus? Why is this a good fit?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a biopharmaceutical company focused on developing and commercializing products for the treatment of central
nervous system diseases, Supernus shares our commitment to serving patients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Like Sage, Supernus is focused on supporting brain health and function, and their portfolio includes several
products to treat neurological and psychiatric conditions, including epilepsy, Parkinson's and ADHD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus sees the tremendous opportunity of ZURZUVAE, and is excited to get to work advancing our mission and
helping more women with PPD.

**•** **Does this transaction impact Sage's strategy moving forward? What does this mean for ZURZUVAE? What about the rest of Sage's pipeline?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Like Sage, Supernus is focused on supporting brain health and function, and their portfolio includes several
products to treat neurological and psychiatric conditions, including epilepsy, Parkinson's and ADHD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus sees the tremendous opportunity of ZURZUVAE, and is excited to get to work advancing our mission and
helping more women with PPD.

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**Page 2 of 7**

**•** **When is the transaction expected to close?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and
regulatory approvals, as well as the tender of a majority of the outstanding shares of Sage's common stock.

**•** **Are there any changes to our partnership with Biogen?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the transaction closes, we will remain a separate, independent company and it is business as usual. There
are no changes to our partnership with Biogen during that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supernus is committed to working with Biogen to advance the commercialization of ZURZUVAE as a treatment for
women with PPD and its ongoing growth.

**•** **What does this mean for me/my role?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This announcement is just the first step in the process of Sage becoming part of Supernus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until closing of the transaction, we remain two separate companies and Sage continues to operate business as
usual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please remain focused on the important work you do every day so that we can continue to support the patients and
healthcare providers who rely on us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over the coming months, leaders from both companies will work together to determine how to best bring our two
organizations together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will keep you updated as we work through this process.

**•** **Will there be layoffs? If so, will there be a severance package?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This announcement is just the first step in the process of Sage becoming part of Supernus, and there are many
decisions that still need to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over the coming months, leaders from both companies will work together to determine how to best bring our two
organizations together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event of employee redundancies or other decisions impacting specific roles, there will be a comprehensive
package of resources provided to employees transitioning out of the organization, including severance and continuation of healthcare benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will keep you updated as we work through this process. As a reminder, no actions will be taken prior to the
close of the transaction.

**•** **Will there be any changes to employee compensation or benefits?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are no immediate changes to employee compensation or benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the transaction closes, we will remain a separate, independent company and it is business as usual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leaders from both companies will work together to determine how to best bring our two organizations together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect further clarity, including specifics around Sage compensation and benefits programs, as we move through
the process.

**•** **Will there be changes in my day-to-day responsibilities or reporting structure?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are no immediate changes to your day-to-day responsibilities or reporting structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the transaction closes, we will remain a separate, independent company and it is business as usual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leaders from both companies will work together to determine how to best bring our two organizations together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will keep you updated as we work through this process.

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**Page 3 of 7**

**•** **What will happen to Sage's leadership team?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Today is just the first step in a longer process to bring the two organizations together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leaders from both companies will work together to determine how to best bring our two organizations together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will keep you updated as these decisions are made.

**•** **What will happen to the Sage stock I own?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under the terms of the agreement, Sage shareholders will receive $8.50 per share, plus one non-tradable contingent value right (CVR) payable upon achieving certain specific milestones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The CVR entitles Sage stockholders to receive up to an additional $3.50 per share payable upon ZURZUVAE achieving
certain sales and commercial milestones within certain specified periods (subject to the terms and conditions contained in a Contingent Value Rights Agreement detailing the terms of the CVR). These milestones include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (1) $1.00 per share payable if in any calendar year between closing and end of 2027, annual net sales of ZURZUVAE
allocable to Supernus reach $250 million or more in the U.S.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (2) $1.00 per share payable if in any calendar year between closing and end of 2028, annual net sales of ZURZUVAE
allocable to Supernus reach $300 million or more in the U.S.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (3) $1.00 per share payable if in any calendar year between closing and end of 2030, annual net sales of ZURZUVAE
allocable to Supernus reach $375 million or more in the U.S., and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (4) $0.50 per share at first commercial sale in Japan to a third-party customer after regulatory approval for
ZURZUVAE for the treatment of major depressive disorder (MDD) in Japan by June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• What will happen to my Sage stock options, RSUs, and/or PSUs?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In general, upon effectiveness of the merger, stock options, RSUs, and PSUs will be accelerated and deemed fully
vested, subject to the applicable strike price and treatment of specific PSU milestone addressed in the agreement. Additional details are outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Options:*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon the effectiveness of the merger, all of your outstanding and unexercised options with an exercise price *lower than* $8.50 per share, whether or not vested, will be deemed fully vested and will convert into the right to receive a cash payment (without interest) equal to the product of the excess of $8.50 over the per share exercise price of the
option, multiplied by the total number of shares subject to such option. In addition, each such option will be converted into the right to receive one non-tradable contingent value right (CVR), which entitles
Sage stockholders to receive up to an additional $3.50 per share, multiplied by the total number of shares subject to such option. The CVR is payable upon ZURZUVAE achieving certain sales and commercial milestones within certain specified periods,
as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each option, whether or not vested, with an exercise price *equal to or greater than* $8.50 per share will
be cancelled without payment.

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**Page 4 of 7**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***RSUs:*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon the effectiveness of the merger, each restricted stock unit (RSU) you hold will be deemed fully vested and
will convert into the right to receive a cash payment (without interest) equal to $8.50 per share multiplied by the number of shares subject to such RSU. In addition, each such RSU will be converted into the right to receive one non-tradable contingent value right (CVR), which entitles Sage stockholders to receive up to an additional $3.50 per share, multiplied by the total number of shares subject to such RSU. The CVR is payable upon
ZURZUVAE achieving certain sales and commercial milestones within certain specified periods, as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***PSUs:*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon the effectiveness of the merger, each performance restricted stock unit (PSU) you hold for which the
applicable performance period or milestone performance metric has not been achieved will vest pursuant to the terms of the merger agreement and will convert into the right to receive a cash payment (without interest) equal to $8.50 per share
multiplied by the number of shares subject to such PSU, after giving effect to the agreed-upon vesting levels for such PSU set forth in the merger agreement. In addition, each such PSU will be converted into the right to receive one non-tradable contingent value right (CVR), which entitles Sage stockholders to receive up to an additional $3.50 per share, multiplied by the total number of shares subject to such PSU, after giving effect to the
agreed-upon vesting levels for such PSU set forth in the merger agreement. The CVR is payable upon ZURZUVAE achieving certain sales and commercial milestones within certain specified periods, as described above.

**•** **What is a CVR?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Contingent Value Right, or CVR, allows shareholders to receive additional payment if certain events or
milestones occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In this case, the CVR entitles Sage stockholders to receive up to an additional $3.50 per share payable upon
ZURZUVAE achieving certain sales and commercial milestones within certain specified periods (subject to the terms and conditions contained in a Contingent Value Rights Agreement detailing the terms of the CVR). These milestones include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (1) $1.00 per share payable if in any calendar year between closing and end of 2027, annual net sales of ZURZUVAE
allocable to Supernus reach $250 million or more in the U.S.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (2) $1.00 per share payable if in any calendar year between closing and end of 2028, annual net sales of ZURZUVAE
allocable to Supernus reach $300 million or more in the U.S.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (3) $1.00 per share payable if in any calendar year between closing and end of 2030, annual net sales of ZURZUVAE
allocable to Supernus reach $375 million or more in the U.S., and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (4) $0.50 per share at first commercial sale in Japan to a third-party customer after regulatory approval for
ZURZUVAE for the treatment of major depressive disorder (MDD) in Japan by June 30, 2026.

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**Page 5 of 7**

**•** **What should I tell HCPs, partners, or other stakeholders who ask me about this announcement?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You should tell them that we are continuing to operate business as usual in the immediate term, and we will
continue to work with them just as we always have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We remain focused on executing our strategy and continuing the launch and commercialization of ZURZUVAE as a
treatment for women with PPD.

**•** **What should I do if an analyst or member of the media contacts me?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is important that we speak with one voice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consistent with Company policy, if you receive any inquiries from members of the media, investors or the analyst
community, please do not respond, and instead forward the inquiry to Francesca Dellelci at Francesca.Dellelci@Sagerx.com

**•** **When will I receive additional information on this transaction? Who can I speak to if I have additional questions?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are committed to transparency and will continue to share updates as we work through the process to close the
transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As always, feel free to speak to your manager with any questions you may have.

**Additional Information and Where to Find It** 

The tender offer (the "<u>Offer</u>") for the outstanding shares of common stock (the "<u>Shares</u>") of Sage Therapeutics, Inc., a Delaware corporation (the "<u>Company</u>"), described in this communication has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that Supernus Pharmaceuticals, Inc., a Delaware corporation ("<u>Parent</u>") and Saphire, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("<u>Purchaser</u>"), will file with the SEC upon commencement of the Offer. A solicitation and offer to buy outstanding Shares will only be made pursuant to the Offer materials that Parent and Purchaser intend to file with the SEC. At the time the Offer is commenced, Parent and Purchaser will file Offer materials on Schedule TO, and the Company will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the Offer. THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all stockholders of the Company at no expense to them under the "Investor Relations" section at Parent's website at https://www.supernus.com. Free copies of these materials and certain other offering documents will be made available by the Company under the "Investors & Media"

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**Page 6 of 7**

section of the Company's website at https://www.sagerx.com/ or by directing requests for such materials to the information agent for the Offer, which will be named in the tender offer materials. The information contained in, or that can be accessed through, Parent's or the Company's website is not a part of, or incorporated by reference into, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at www.sec.gov.

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other Offer documents, as well as the Solicitation/Recommendation Statement, Parent and the Company file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements, or other information filed by Parent and the Company with the SEC for free on the SEC's website at www.sec.gov.

**Forward Looking Statements** 

This communication contains forward-looking statements related to the Company, Parent, the Offer, the merger of Purchaser with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the "<u>Merger</u>"), the Agreement and Plan of Merger, dated June 13, 2025, by and among Parent, Purchaser, and the Company (the "<u>Merger Agreement</u>") and the other transactions contemplated by the Merger Agreement (collectively, the "<u>Transactions</u>") that involve substantial risks and uncertainties. Forward-looking statements include any statements containing the words "anticipate," "believe," "contemplate," "estimate," "expect," "intend", "goal," "may", "might," "plan," "predict," "project," "seek," "opportunity," "target," "potential," "will," "would," "could," "should," "continue" and similar expressions. In this communication, the Company's forward-looking statements include statements about the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions to the consummation of the Transactions; statements about the expected timetable for completing the Transactions; the Company's plans, objectives, expectations and intentions; the financial condition, results of operations and business of the Company and Parent; the Company's ability to commercialize current and future product candidates (including further commercialization of ZURZUVAE); and the anticipated timing of the closing of the Transactions. Forward-looking statements are subject to certain risks, uncertainties or other factors that are difficult to predict, and could cause actual events or results to differ materially from those indicated in any such statements due to a number of risks and uncertainties. Those risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include, among other things: uncertainties as to the timing of the Offer and the Merger; uncertainties as to how many of the Company's stockholders will tender their Shares in the Offer; risks related to non-achievement of the CVR milestones and that holders of the CVRs will not receive any payments in respect of those CVRs; the possibility that competing offers will be made; the possibility that various closing conditions for the Transactions may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Transactions; the effects of the Transactions on relationships with employees, other business partners or governmental entities; the difficulty of predicting the timing or outcome of U.S. Food and Drug Administration approvals or actions, if any; the impact of competitive products and pricing; that Parent may not realize the potential benefits of the Transactions; other business effects, including the effects of industry, economic or political conditions outside of the companies' control; transaction costs; actual or contingent liabilities; the Company's launch and commercialization efforts in the U.S. with respect to

------

**Page 7 of 7**

ZURZUVAE for the treatment of women with PPD may not be successful; ZURZUVAE may not achieve the clinical benefit, clinical use or market acceptance for the treatment of PPD the Company or Parent expects or they may encounter reimbursement, market access, process-related or other issues, including competition in the market, that impact the success of their commercialization efforts; ZURZUVAE may never become the standard of care for women with PPD; and other risks listed under the heading "Risk Factors" in the Company's periodic reports filed with the U.S. Securities and Exchange Commission, including current reports on Form 8-K, quarterly reports on Form 10-Q, annual reports on Form 10-K, as well as the Schedule 14D-9 to be filed by the Company and the Schedule TO and related tender offer documents to be filed by Parent and Purchaser. You should not place undue reliance on these statements. All forward-looking statements are based on information currently available to the Company and Parent, and the Company and Parent disclaim any obligation to update the information contained in this communication as new information becomes available.

## Exhibit 99.6

**Exhibit 99.6** 

**Form of letter to suppliers and vendors** 

**Subject:** Today's Announcement

Dear [NAME / Valued Supplier / Vendor],

Earlier today, Sage announced we entered an agreement to be acquired by Supernus Pharmaceuticals, a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system diseases. You can read more about our announcement here. <u>https://investor.sagerx.com/news-releases/news-release-details/supernus-pharmaceuticals-acquire-sage-therapeutics-strengthening</u>

Today's announcement is just the first step in the process. This means there are no immediate changes to our existing contracts or relationship with you. If you have any questions, please don't hesitate to reach out to [me / your usual Sage contact].

On behalf of our entire team, I'd like to thank you for your continued partnership.

Sincerely,

[INSERT]

**Additional Information and Where to Find It** 

The tender offer (the "Offer") for the outstanding shares of common stock (the "Shares") of Sage Therapeutics, Inc., a Delaware corporation (the "Company"), described in this communication has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that Supernus Pharmaceuticals, Inc., a Delaware corporation ("Parent") and Saphire, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("Purchaser"), will file with the SEC upon commencement of the Offer. A solicitation and offer to buy outstanding Shares will only be made pursuant to the Offer materials that Parent and Purchaser intend to file with the SEC. At the time the Offer is commenced, Parent and Purchaser will file Offer materials on Schedule TO, and the Company will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the Offer. THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all stockholders of the Company at no expense to them under the "Investor Relations" section at Parent's website at <u>https://www.supernus.com</u>. Free copies of these materials and certain other offering documents will be made available by the Company

------

under the "Investors & Media" section of the Company's website at <u>https://www.sagerx.com/</u> or by directing requests for such materials to the information agent for the Offer, which will be named in the tender offer materials. The information contained in, or that can be accessed through, Parent's or the Company's website is not a part of, or incorporated by reference into, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>.

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other Offer documents, as well as the Solicitation/Recommendation Statement, Parent and the Company file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements, or other information filed by Parent and the Company with the SEC for free on the SEC's website at <u>www.sec.gov</u>.

## Exhibit 99.7

**Exhibit 99.7** 

**Email from Parent to Company employees** 

To: Sage_Employees

From: Barry Greene

Subject: Letter from Jack Khattar

Sageans,

Please see the attached letter from Jack Khattar, CEO of Supernus.

bg

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| ![LOGO](g69141g50c02.jpg) | June 16, 2025 |

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Dear Colleagues,

Today's announcement marks a historic milestone in the treatment of postpartum depression (PPD). Supernus and Sage agreed to unite to continue the fight against a condition that ails millions of women worldwide. You have our commitment that we will continue the incredible work that you started by creating Zurzuvae<sup>®</sup> and making it available to women with PPD who had no approved alternative treatments. You should be proud of what you have accomplished. You brought hope to so many people and gave them the chance to rebuild their lives and reconnect with their families. This transaction will allow us to build on the great success that you have accomplished so far in establishing a leading position in PPD.

I understand that the news today brings uncertainty and can be stressful to many of you. I am sure that you have so many questions that you would like to get answered as soon as possible. I wanted to assure you that we aim to work diligently and as quickly as possible to fully understand the business and operations and provide transparency and clarity regarding roles, structures and expectations. We will work hard to maintain the great momentum you have created behind the brand and more importantly to continue helping patients.

The combined CNS business of Supernus and Sage will have an exciting portfolio of nine marketed products and a robust pipeline of product candidates. Zurzuvae will become one of our key future growth drivers by helping so many patients with PPD.

While our name might be new to most of you, some of the products that we have developed over the past 35 years may not. For many years we operated as a division of Shire Pharmaceuticals and were the leading developer of ADHD drugs including Adderall<sup>®</sup>, Adderall XR<sup>®</sup>, Intuniv<sup>®</sup> and Mydayis<sup>®</sup>.

We separated from Shire at the end of 2005 and became Supernus. We went on to develop our own products in CNS and launched our first two products Oxtellar XR<sup>®</sup> and Trokendi XR<sup>®</sup> in 2013 in the epilepsy market. We have a strong product development capability with several technology platforms that allowed us to develop twelve products that are marketed by us or by our partners.

Finally, and most importantly, our values and principles guide us every day in serving our patients. These are Supernus values of Integrity, Commitment, Caring and Innovation. Integrity in everything that we do and how we do it across all the aspects of our business; Commitment to and Caring about our employees and patients. It does not matter what your job or title is at Supernus, or what your background is, we are all equal and treat each other with respect and care about each other.

We look forward to working with many of you as one team and one company to serve women with PPD. We deeply appreciate your dedication and hard work and are excited and honored to have the opportunity to work with you on building an amazing future together.

Thank you

Jack Khattar

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**Additional Information and Where to Find It** 

The tender offer for the outstanding common stock of Sage Therapeutics, Inc. ("Sage") has not been commenced. This filing does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Sage securities. At the time the tender offer is commenced, Supernus Pharmaceuticals, Inc. ("Supernus") will file a Tender Offer Statement on Schedule TO (including an Offer to Purchase) with the Securities and Exchange Commission (the "SEC") and thereafter, Sage will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC, in each case, with respect to the tender offer. The solicitation and offer by Supernus to purchase shares of Sage common stock will only be made pursuant to such Offer to Purchase and related materials. Once filed, investors and security holders are urged to read these materials (including the Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) carefully since they will contain important information that Sage investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials will be filed with the SEC, and Sage investors and security holders may obtain a free copy of these materials (when available) and other documents filed by Supernus, Purchaser and Sage with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that Supernus and Purchaser file with the SEC will be made available to all investors and security holders of Sage free of charge from the information agent for the tender offer. Investors may also obtain, at no charge, the documents filed with or furnished to the SEC by (i) Supernus under the "Investor Relations" section of Supernus's website at <u>https://www.supernus.com/</u> and (ii) Sage under the "Investors & Media" section of Sage's website at <u>https://www.sagerx.com/</u>.

**Forward Looking Statements** 

This communication includes forward-looking statements. These statements do not convey historical information but relate to predicted or potential future events that are based upon management's current expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In addition to the factors mentioned in this communication, such risks and uncertainties include, but are not limited to, the risk that the proposed acquisition of Sage by Supernus may not be completed; the possibility that competing offers or acquisition proposals for Sage will be made; the delay or failure of the tender offer conditions to be satisfied (or waived), including insufficient shares of Sage common stock being tendered in the tender offer; the failure (or delay) to receive the required regulatory approvals of the proposed acquisition; the possibility that prior to the completion of the transactions contemplated by the acquisition agreement, Supernus' or the Sage's business may experience significant disruptions due to transaction related uncertainty; the effects of disruption from the transactions of Sage's business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees, manufactures, suppliers, vendors, business partners and distribution

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channels to patients; the occurrence of any event, change or other circumstance that could give rise to the termination of the acquisition agreement; the risk that stockholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability; the failure of the closing conditions set forth in the acquisition agreement to be satisfied or waived; Supernus' ability to sustain and increase its profitability; Supernus' ability to raise sufficient capital to fully implement its corporate strategy; the implementation of Supernus' corporate strategy; Supernus' future financial performance and projected expenditures; Supernus' ability to increase the number of prescriptions written for each of its products and products acquired through the acquisition of Sage; Supernus' ability to increase its net revenue from its products and products acquired through the acquisition of Sage; Supernus' ability to commercialize its products including Qelbree; Supernus' ability to enter into future collaborations with pharmaceutical companies and academic institutions or to obtain funding from government agencies; Supernus' product research and development activities, including the timing and progress of Supernus' clinical trials, and projected expenditures; Supernus' ability to receive, and the timing of any receipt of, regulatory approvals to develop and commercialize Supernus' product candidates; Supernus' ability to protect its intellectual property and operate its business without infringing upon the intellectual property rights of others; Supernus' expectations regarding federal, state and foreign regulatory requirements; the therapeutic benefits, effectiveness and safety of Supernus' product candidates; the accuracy of Supernus' estimates of the size and characteristics of the markets that may be addressed by its product candidates; Supernus' ability to increase its manufacturing capabilities for its products and product candidates; Supernus' projected markets and growth in markets; Supernus' product formulations and patient needs and potential funding sources; Supernus' staffing needs; and other risk factors set forth from time to time in Supernus' filings with the Securities and Exchange Commission made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended. Supernus undertakes no obligation to update the information in this communication to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.