Supernus Pharmaceuticals Inc to Acquire Sage Therapeutics Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew Tsai - Jefferies - Analyst : Hey, congrats on the deal. Thanks for taking my question. First question is how exactly are you guys deriving $200 million of cost synergies -- up to $200 million from Sage? Can you describe a little bit more in detail the precise overlap you have already for you to be spending, based on our calculation, 35% to 40% of what Sage was currently spending? And is it safe to assume much of their later stage R&D programs will be paused under your supervision? Thank you.

Question: Stacy Ku - TD Cowen - Analyst : Congrats on the announcement. So first, starting big picture, our best understanding is the vast majority of prescribers are OB/GYNs. So maybe talk about initial commercialization plans and where you expect to grow usage. Is psychiatry a new clinician target, or is it one that you should expect to grow? So that's the first question. And then, second is a follow up on the cost synergies. Can you also maybe talk to the timing? Seems like it should happen quickly given your commentary on '26. So just help us understand what kind of OpEx increase we should be expecting in the short term if you look at, say, this current spend and how quickly your synergies could occur. Third question is just maybe talk about the Biogen relationship. Thanks so much.

Question: Stacy Ku - TD Cowen - Analyst : And then maybe talk about your relationship with Biogen, whether you expect any changes to current kind of collaboration.

Question: Annabel Samimiy - Stifel Financial Corp - Analyst : Congratulations on this development. Just following on Stacy's questions about how you plan on leveraging your relationship -- your psychiatry infrastructure, given that the majority of prescriptions are sitting at the OB/GYN office, do you have any plans to establish any kind of referral networks into your psychiatry relationships? It seems like that's where the big expansion opportunity could be. And just following on that, are there any kind of limitations that you have in terms of increasing your investment to be able to bring these patients or sort of leverage your -- create a referral network, be able to leverage that psychiatry infrastructure.

Question: Annabel Samimiy - Stifel Financial Corp - Analyst : Okay. And if I could just follow on that. This obviously takes you into a whole new area as you mentioned, into the OB/GYN office. I mean you are a CNS-focused company so when you talk about using the OB/GYN office as a potential new area of investment, are we talking about moving away from CNS into more women's health type of opportunities or am I reading that incorrectly?

Question: Rick Miller - Cantor Fitzgerald - Analyst : Hi, this is Rick Miller on for Kristen. Thanks for taking our questions and congrats on the deal. So to just start out at a high level, what was it about the postpartum depression market and the asset itself that convinced you that now is the right time to invest in PPD?

Question: Rick Miller - Cantor Fitzgerald - Analyst : Thank you. And one more question from us. You mentioned that most patients aren't requiring complex prior op, so can you help us understand what the process currently looks like and how rapidly patients are moving from this symptom state to diagnosis to eventually getting on ZURZUVAE?