Belgian drug maker UCB stated Wednesday that it’s increasing its portfolio of epilepsy therapies by buying Zogenix, a U.S.-based biotech with an accredited drug for uncommon childhood seizures, for as a lot as $1.9 billion.
Underneath the phrases of the deal, Zogenix can be bought for $26 per share, or 66% greater than Tuesday’s closing value. UCB has additionally agreed to pay Zogenix shareholders an added cost equal to $2 per share, contingent on the corporate’s drug, known as Fintepla, profitable European approval by the tip of 2023.
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