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

(Reuters) -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 said on Monday that its board has unanimously rejected the takeover offer it received from Biogen. The company said Biogen's offer to buy all outstanding shares of Sage that it does not already own for $7.

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.