Zogenix soars on UCB's $1.46 billion acquisition

Longboard Pharmaceuticals

19/01/2022 14:20

(Updates)
    ** U.S.-based drugmaker's shares  ZGNX.O  up nearly 67.5% at
$26.20 premarket 
    ** Belgian drugmaker UCB  UCB.BR  agrees to buy co for $1.46
billion to gain access to co's treatment for a rare type of
childhood epilepsy  urn:newsml:reuters.com:*:nPre7bNYwa
    ** The deal should help accelerate growth in demand for co's
drug Fintepla under UCB's lead - Mizuho
    ** Purchase price of $26 per share represents a 66.2%
premium to Tuesday's closing price
    ** The total transaction is valued at up to about $1.9 bln,
which includes a contingent value right payment subject to
expanded approval of co's drug Fintepla in the EU by end of 2023
    ** Guggenheim says the deal bodes well for other epilepsy
players like Longboard Pharmaceuticals Inc  LBPH.O , which has
early-stage assets
    ** ZGNX shares had fallen ~16% in the past 12 months

 (Reporting by Manas Mishra in Bengaluru)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manasmishra24))