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
01-19-22 0613ET