Sage Therapeutics has rejected the unsolicited acquisition offer it received earlier this month from longtime partner Biogen Inc.

Following a lawsuit filed last week, Sage has officially rejected Biogen’s unsolicited buyout offer, which valued the embattled biotech at just $469 million.

After receiving and considering an "unsolicited" buyout offer from partner Biogen, Sage Therapeutics is kicking the tires on a range of strategic options. | The company's board of directors unanimously rejected partner Biogen's $469 million buyout proposal,

Sage Therapeutics said on Monday that its board has unanimously rejected Biogen’s $469 million offer, stating it "significantly undervalues" the company and does not serve shareholders' best interests.

Biogen’s effort to buy Sage reveals its “desire to expand its pipeline at a discount,” according to analysts from BMO Capital Markets.

Sage Therapeutics SAGE announced that its board of directors has rejected the unsolicited, non-binding proposal offer from drug giant Biogen BIIB to acquire the remaining shares of SAGE. Per Sage Therapeutics,

Sage Therapeutics announced its boards unanimous rejection of Biogens $469 million acquisition offer, stating the proposal significantly undervalues the company and does not align with shareholder interests.