ZGNX - Why Zogenix Stock Is on Fire Today
Shares of the small-cap drugmaker Zogenix (NASDAQ: ZGNX) rose by as much as 67% in pre-market trading Wednesday morning. The company's shares are surging higher today in response to a buyout agreement with the Belgian pharmaceutical company UCB.
UCB will reportedly pay $ 26 in cash per share for Zogenix. In addition, UCB will be on the hook for another $2 per share if Fintepla is approved for Lennox-Gastaut syndrome in the European Union before the end of 2023. The total potential value of this deal is $1.9 billion. The up-front portion of this transaction represents a hefty 66% premium relative to Zogenix's closing price Tuesday afternoon.
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Why Zogenix Stock Is on Fire Today