Zogenix acquiring Modis Therapeutics and its 'Breakthrough' tagged TK2d candidate
US CNS-focused biotech Zogenix (Nasdaq: ZGNX) saw its stock drop as much as 16% on Tuesday, after it announced an acquisition of a privately held California start-up launched just 10 months ago with $30 million Series A investment led by F-Prime Capital Partners and OrbiMed.
Zogenix has entered into a definitive agreement to acquire Modis Therapeutics, which is focused on developing novel therapies for rare genetic diseases with high unmet medical need.
Modis’ lead product candidate, MT1621, an investigational deoxynucleoside substrate enhancement therapy, is in late-stage development for the treatment of Thymidine Kinase 2 deficiency (TK2d), an inherited mitochondrial DNA depletion disorder that predominantly affects children and is often fatal.
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