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Zogenix prices $312M common stock offering; proceeds to fund epilepsy drug

Zogenix Inc. priced an underwritten public offering of 6 million common shares at $52 apiece.

The Emeryville, Calif.-based pharmaceutical company expects to raise about $312 million from the offering, which will close on or about Aug. 10.

Underwriters have an option to buy up to an additional 900,000 common shares.

Zogenix, which develops therapies for central nervous system disorders, said it plans to use net proceeds to support its drug ZX008 — to fund regulatory submissions and commercialize the therapy for Dravet syndrome, and support research and development, including phase 3 trial for Lennox-Gastaut syndrome. A portion of proceeds will also be used for working capital and general corporate purposes.

In July, the company said ZX008 reduced seizures in children and young adults with the Dravet syndrome, a type of epilepsy. The U.S. Food and Drug Administration has also granted the drug breakthrough therapy status for the same indication.

BofA Merrill Lynch, Leerink Partners and Stifel are acting as joint book-running managers for the offering. Mizuho Securities and JMP Securities are acting as co-lead managers, with LifeSci Capital LLC as co-manager.