Zogenix Announces Definitive Agreement to be Acquired by UCB
Jan 19, 2022 By MarketDepth
Zogenix (NASDAQ: ZGNX) and UCB has reported entry into a definitive agreement where UCB will acquire all outstanding shares of Zogenix for USD 26 per share cash at closing, including a contingent value right for a potential cash payment of USD 2 upon EU approval by December 31st, 2023 of FINTEPLA its medicine to treat Lennox Gastaut syndrome. This represents a 72% premium of Zogenix shares base on the 30-day volume-weighted average closing stock price of Zogenix prior to signing. This transaction is valued at approximately USD 1.9 Billion.
Approved by Board
The transaction has been approved by the board of directors of both companies.
“The proposed acquisition of Zogenix reinforces UCB’s sustainable patient value strategy and continued commitment to addressing unmet needs of people living with epilepsy with an increasing focus on those living with specific or rare forms of epilepsy, where few options exist. Complementing UCB’s existing therapeutic offerings, the Zogenix acquisition provides UCB with an approved medicine for a life-threatening, rare infant- and childhood-onset epilepsy marked by frequent and severe treatment-resistant seizures, that are particularly challenging to treat. Utilizing our deep expertise, experience and global capabilities, we plan to accelerate access for patients to the treatment. We look forward to welcoming the Zogenix team to UCB, benefiting from their insights and working together to maximize the reach and impact of their medicines for the benefit of as many people as possible.”Charl van Zyl, Executive Vice President, Neurology & Head of Europe/International Markets, UCB
“We are delighted to announce UCB’s proposed acquisition of Zogenix, recognizing the value of our lead medicine, both for the important role it has already begun to play for Dravet patients and their caregivers, and for its potential to help many others in the future,” said Stephen J. Farr, PhD, President and Chief Executive Officer of Zogenix. “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. We believe this transaction is in the best interests of both patients and our shareholders.”