Zogenix Shares Leap More Than 60% Premarket on UCB Deal
January 19 2022 - 6:28AM
Dow Jones News
By Colin Kellaher
Shares of Zogenix Inc. soared more than 60% in premarket trading
Wednesday after the biopharmaceutical company agreed to be acquired
by larger Belgian peer UCB S.A. in a deal worth up to $1.9
billion.
Brussels-based UCB said it would pay $26 a share in cash for
Zogenix, a roughly 66% premium to Tuesday's closing price of $15.64
for the Emeryville, Calif., company.
Zogenix shareholders also would receive contingent value rights
potentially worth another $2 a share, subject to European Union
approval of Fintepla as an orphan medicine for treatment of
Lennox-Gastaut syndrome by the end of 2023.
UCB said it expects to complete the acquisition by the end of
the second quarter.
Zogenix shares were recently up 60.4% in premarket trading,
while shares of UCB gained 2.4% to EUR90.92 in Europe.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 19, 2022 06:13 ET (11:13 GMT)
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