InsideArbitrage Event Driven Monitor – June 17, 2025

Merger Arbitrage

1. SAGE: The acquisition of Sage Therapeutics, Inc. (SAGE) by Supernus Pharmaceuticals, Inc. (SUPN), for a closing value of $561 million. Under the terms of the agreement, Supernus will commence a tender offer to acquire all outstanding shares of Sage Therapeutics for a purchase price of $8.50 per share in cash plus one non-tradable CVR. The CVR entitles Sage stockholders to receive up to an additional $3.50 per share payable upon ZURZUVAE achieving certain sales and commercial milestones within certain specified periods. The cash consideration of $8.50 per share represents a premium of 26.87% from the stock’s last close. (Press Release)
2. CTLP: The acquisition of Cantaloupe, Inc. (CTLP) by 365 Retail Markets, LLC, for a closing value of $848 million. Under the terms of the agreement, Cantaloupe shareholders will receive $11.20 per share in cash, representing a premium of 17.89% from the stock’s last close. (Press Release)
3. SWTX: SpringWorks (SWTX) announced that the waiting period under the HSR Act expired on June 13, 2025. The merger is expected to be consummated in the second half of 2025.

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