Biogen, placing a major bet on a once-failed treatment, is paying $1.53 billion for the commercial rights to a Sage Therapeutics’ oral depression drug that disappointed in its last major clinical trial.

Under the agreement, announced Friday, Biogen will give Sage $875 million in cash and buy $650 million worth of its stock at a 40% premium. In exchange, Biogen is entitled to 50% of the U.S. profits from zuranolone, a depression drug that could win approval in 2022 if proven safe and effective, and an earlier-stage treatment for movement disorders.

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