UCBJF - Why Zogenix Flew Higher Before Leveling Off This Week
Zogenix (NASDAQ: ZGNX) stock is having the ride of its life this week -- perhaps for the last time in its history. The biotech announced Wednesday it agreed to be acquired by Belgium-based pharmaceutical company UCB (OTC: UCBJF) . The deal is valued at up to $1.9 billion when factoring in a potential contingency payment.
The company's share price quickly rocketed higher, but it's basically stayed at the enhanced level. Analysts tracking the stock were quick to adjust their recommendations based on the proposed buyout.
That $1.9 billion shakes out to $26 per share , with that potential contingency payment worth an additional $2. The latter is dependent on whether Zogenix's Fintepla epilepsy treatment is approved for Lennox-Gastaut syndrome (a rare form of the affliction) in the 27-country European Union.
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Why Zogenix Flew Higher Before Leveling Off This Week