Zogenix Inc (NASDAQ:ZGNX) is trading significantly higher Wednesday morning after the company announced it received a proposal to be acquired by UCB for approximately $1.9 billion.
Under terms of the agreement, UCB will offer to purchase all outstanding shares of Zogenix for $26 per share in cash at closing.
The deal also includes a contingent value right for a potential cash payment of $2 per share if FINTEPLA receives EU approval as an orphan medicine for treatment of Lennox-Gastaut syndrome by Dec. 31, 2023.
"We are excited for the potential opportunities ahead of us, working together to accelerate our mission and progress to improve the care of patients in need of new therapies," said Stephen Farr, president and CEO of Zogenix. "We believe this transaction is in the best interests of both patients and our shareholders."
Zogenix is engaged in developing and commercializing therapeutic solutions for people living with serious CNS disorders and medical conditions.
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ZGNX Price Action: Zogenix has traded as low as $11.03 and as high as $23.69 over a 52-week period.
The stock was up 67.2% at $26.15 at time of publication.
Photo: jarmoluk from Pixabay.
