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ZGNX.US
id: 503

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.
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
19 January 2022
Collecting participants…

Zogenix

Zogenix, Inc., a biopharmaceutical company, develops and commercializes therapies to transform the lives of patients and their families living with rare diseases in the United States. The company's...

    Ticker
    ZGNX.US
    ISIN
    US98978L2043
    CIK
    1375151
    Sector
    Healthcare
    Industry
    Pharmaceuticals
    Country
    USA
    Address
    5959 Horton Street, EmeryVille, CA, United States, 94608