Zogenix UCB M&A Deal Case

On January 19, 2022, UCB (Euronext: UCB) and Zogenix (NASDAQ: ZGNX) announced that the companies have entered into a definitive agreement under which UCB would acquire Zogenix, Inc. purchasing all outstanding shares of Zogenix for a price per share of US$ 26.00 in cash, plus a contingent value right (CVR) for a potential cash payment of US$ 2.00 upon EU approval by December 31, 2023, of FINTEPLA®. 

Despite the upfront consideration represented a 72% premium to Zogenix shares based on the 30-day volume weighted average closing stock price of Zogenix before signing, the price was almost 35-50% lower than the level where the stock traded before the COVID crisis.

Taking ZGNX fundamentals, analyst valuations, and trading history into account, Shareholders have reasons to suspect that the Board of Directors of the Company breached its fiduciary duties by signing the deal with unfair price terms.

Case Status

Attorney Investigation

Alleged Offence

Misleading Statements,

Breach of Fiduciary duty

Suspected Party

Directors,

Management,

Shareholder,

Investment Bank,

Service Provider

Security Type

Stocks

Trade Direction

Long

Shock Event Date

01/19/2022

Zogenix UCB M&A Deal Case

Collecting participants…