Zogenix Inc.’s Fintepla (fenfluramine) cleared the U.S. FDA hurdle shortly after its March 25 PDUFA date, expanding the drug’s use in patients with Lennox-Gastaut syndrome (LGS) and validating UCB SA’s $1.9 billion acquisition of Emeryville, Calif.-based firm, which closed earlier this month.
UCB SA has unveiled plans to acquire Zogenix Inc. in a deal worth up to $1.9 billion (€1.7 billion), adding to its portfolio an approved drug aimed at rare forms of epilepsy. Brussels-based UCB will pay $26 per share in cash for the Emeryville, Calif.-based biotech, plus a contingent value right of $2 per share, which would pay out upon approval of the oral drug Fintepla (fenfluramine) for Lennox-Gastaut syndrome.
While the FDA approved Zogenix Inc.’s Fintepla (fenfluramine), an oral treatment for patients ages 2 and older with seizures associated with Dravet syndrome, a rare, pediatric-onset form of epilepsy, the company stock continued its months-long struggle.
Emeryville, Calif.-based Zogenix Inc.’s positive top-line data from the phase III study with Fintepla (fenfluramine oral solution) in Lennox-Gastaut syndrome (LGS) failed to charm Wall Street, which by day’s end trimmed the shares (NASDAQ:ZGNX) by $20.50, or 39%, putting the final price at $32.12.