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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