BMO Capital says Biogen (BIIB) is looking for an early potential deal by offering to buy Sage Therapeutics (SAGE) for $7.22 per share. Such an offer reflects Biogen’s interest in reducing its collaboration expense to the company while gaining access to some early stage assets from Sage, the analyst tells investors in a research note. BMO believes that while the deal may make financial sense for Biogen, “it does little to change the narrative around the company, and additional revenue-generating deals are needed to change the company’s growth profile.” It keeps a Market Perform rating on the stock with a $164 price target.
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