Sage Therapeutics, Inc. (SAGE) announced Thursday that Biogen Inc. (BIIB) has terminated its rights under the collaboration and license agreement specific to the SAGE-324 program.
Under the terms, the termination will be effective on February 17, 2025, and Sage will resume full ownership of the SAGE-324 asset at that time.
Sage said it plans to continue to evaluate other potential indications, if any, for SAGE-324.
The companies recently announced negative results from the Phase 2 KINETIC 2 Study of investigational SAGE-324 for the chronic treatment of essential tremor or ET and discontinued further clinical development of SAGE-324 in ET.
Further, Sage and Biogen said they will continue to partner on ZURZUVAE (zuranolone), the first and only FDA-approved oral treatment for women with postpartum depression or PPD.
ZURZUVAE (zuranolone) CIV, is a neuroactive steroid gamma-aminobutyric acid A (GABAA) receptor positive modulator indicated for the treatment of PPD in adults.
In pre-market activity on the Nasdaq, Sage shares were losing around 1 percent to trade at $6.95, while Biogen shares were gaining around 1.1 percent to trade at $189.07.
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