4//SEC Filing
Benecchi Christopher 4
Accession 0000950170-25-100689
CIK 0001597553other
Filed
Jul 30, 8:00 PM ET
Accepted
Jul 31, 11:57 AM ET
Size
13.1 KB
Accession
0000950170-25-100689
Insider Transaction Report
Form 4
Benecchi Christopher
Chief Operating Officer
Transactions
- Disposition to Issuer
Common Stock
2025-07-31−28,053→ 0 total - Disposition to Issuer
Stock Option (Right to Buy)
2025-07-31−40,000→ 0 totalExercise: $6.97Exp: 2035-01-16→ Common Stock (40,000 underlying) - Disposition to Issuer
Common Stock
2025-07-31−36,375→ 0 total - Disposition to Issuer
Stock Option (Right to Buy)
2025-07-31−12,500→ 0 totalExercise: $6.05Exp: 2034-11-01→ Common Stock (12,500 underlying)
Footnotes (5)
- [F1]This Form 4 reports securities disposed of pursuant to the terms of the Agreement and Plan of Merger (the "Merger Agreement"), dated as of June 13, 2025, among Sage Therapeutics, Inc. (the "Issuer"), Supernus Pharmaceuticals, Inc. ("Parent"), and Saphire, Inc., a wholly owned subsidiary of Parent ("Purchaser"), pursuant to which Purchaser completed a cash tender offer for shares of common stock of the Issuer (each, a "Share") and thereafter merged with and into the Issuer, effective as of July 31, 2025 (the effective time of the merger, the "Effective Time"). At the Effective Time, each issued and outstanding Share was cancelled and converted into the right to receive (i) $8.50 per Share in cash (the "Closing Amount"), plus (ii) one contingent value right ("CVR") per Share, each without interest and subject to the withholding of applicable taxes.
- [F2](Continued from footnote 1) Each CVR represents the right to receive up to $3.50 per Share in cash upon the satisfaction of specified milestones, as described in the Form 8-K filed by the Issuer with the Securities and Exchange Commission on June 16, 2025.
- [F3]Represents restricted stock units ("RSUs") granted to the Reporting Person. Each RSU represented a contingent right to receive one Share upon vesting of the RSU (a "Company RSU").
- [F4]Pursuant to the Merger Agreement, at the Effective Time, each Company RSU reported in this Form 4 was deemed fully vested and cancelled and converted into the right to receive (i) a cash payment equal to the product of the Closing Amount multiplied by the number of Shares subject to such Company RSU, without interest and subject to the withholding of applicable taxes, plus (ii) one CVR for each Share subject to such Company RSU immediately prior to the Effective Time.
- [F5]Pursuant to the Merger Agreement, at the Effective Time, each option to purchase Shares (a "Company Option") then outstanding and unexercised, whether or not vested, which had a per Share exercise price less than the Closing Amount was deemed fully vested and cancelled and converted into the right to receive (i) a cash payment (without interest and subject to the withholding of applicable taxes) equal to the product of (a) the excess of the Closing Amount over the per Share exercise price of such Company Option, multiplied by (b) the total number of Shares subject to such Company Option immediately prior to the Effective Time, plus (ii) one CVR for each Share subject to such Company Option immediately prior to the Effective Time. Each Company Option, whether or not vested, which had a per Share exercise price greater than or equal to the Closing Amount was cancelled with no consideration payable in respect thereof.
Documents
Issuer
Sage Therapeutics, Inc.
CIK 0001597553
Entity typeother
Related Parties
1- filerCIK 0001881403
Filing Metadata
- Form type
- 4
- Filed
- Jul 30, 8:00 PM ET
- Accepted
- Jul 31, 11:57 AM ET
- Size
- 13.1 KB