- UCB to commence a tender offer to acquire Zogenix (NASDAQ:ZGNX) for ~$1.9B/€1.7B, consisting of $26 in cash per share plus contingent value right for a potential cash payment of $2.00 per share upon EU approval by December 31, 2023, of FINTEPLA as an orphan medicine for treatment of Lennox-Gastaut syndrome (LGS).
- ZGNX shares jumped 60% in response to this news.
- The consideration represents a 72% premium to Zogenix shares based on the 30-day volume weighted average closing stock price.
- The board of directors of both companies have unanimously approved the transaction.
- If completed, the acquisition will contribute to UCB's revenue growth upon closing and will be accretive to its earnings in 2023.
- The transaction is expected to close by the end of 2Q22.
- There can be no assurance any payments will be made with respect to the CVR.