Sage raises $300M in follow-on

Sage Therapeutics Inc. (NASDAQ:SAGE) raised $300 million late Tuesday through the sale of 3.5 million shares at $85 in a follow-on underwritten by JPMorgan, Goldman Sachs, Morgan Stanley, Cowen and Leerink.

On Nov. 9, Sage jumped 54% to $96.65 after reporting that brexanolone (formerly SAGE-547) met the primary endpoint in a pair of Phase III trials to treat postpartum depression (PPD). The move returned all of the stock's value and then some which Sage lost on Sept. 12 after reporting that brexanolone missed the primary endpoint in the Phase III STATUS trial to treat super-refractory status epilepticus (SRSE). Next year, Sage plans to submit an NDA to FDA for the positive allosteric modulator (PAM) of GABA A receptor to treat PPD (see BioCentury Extra, Sept. 12 & Nov. 9)...