(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.

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

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,

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

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.

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