Zogenix (NASDAQ:ZGNX) has agreed to acquire privately held Oakland, CA-based Modis Therapeutics, a developer of therapies for rare inherited diseases. Lead candidate is MT1621 for the treatment of thymidine kinase 2 deficiency, an inherited mitochondrial DNA depletion disorder that is frequently fatal.
Under the terms of the deal, ZGNX will pay Modis $250M upfront, consisting of $175M in cash plus $75M in ZGNX common stock, a $100M milestone upon FDA approval of MT1621, a $50M milestone upon approval in Europe and a 5% royalty on net sales.
ZGNX will host a conference call this morning at 8:30 am ET to discuss the transaction.
Shares resume trading at 7:30 am ET.
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