Under the terms of the transaction, Modis will receive an upfront payment of $250 million, comprised of $175 million in cash and $75 million in Zogenix common stock.
The lead product for Modus is “MT1621” which is a deoxynucleoside combination therapy. Modis is also eligible to receive additional milestone payments consisting of $100 million upon receipt of U.S. Food and Drug Administration approval of MT1621in the U.S. and $50 million upon European Medicines Agency approval in Europe. Zogenix will also pay a 5% royalty on any future net sales of MT1621.
Zogenix shares closed Friday down 2.82% at $50.01. The stock has a 52-week high of $56.50 and a 52-week low of $33.43.
Simply Good Foods Company To Acquire Quest Nutrition For B In Cash
Descartes Acquires BestTransport For .2M
See more from Benzinga
- Pitney Bowes Sells Software Solutions Business, Lowers EPS Guidance
- iClick Interactive Asia Reports Q2 Earnings, Lowers Guidance
- 10 Biopharmaceutical Companies Trying To Cure Cancer
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.