Sage prices $575M follow-on

Sage Therapeutics Inc. (NASDAQ:SAGE) raised $575 million late Thursday through the sale of 3.5 million shares at $164 in a follow-on underwritten by J.P. Morgan, Goldman Sachs, Morgan Stanley, Cowen, RBC and BMO Capital Markets. The price is an 8% discount to Sage's close of $177.38 on Wednesday, when it proposed the offering after market hours.

In December, Sage reported that SAGE-217, a second-generation positive allosteric modulator (PAM) of GABA A receptor, met the primary endpoint in a Phase II trial to treat severe major depressive disorder (MDD). On Wednesday, Sage said the candidate received breakthrough therapy designation from FDA to treat MDD (see BioCentury Extra, Dec. 10, 2017)...