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Shares of drugmaker Zogenix (ZGNX - Get Report)  were falling sharply Monday after the company announced it acquired privately held Modis Therapeutics for $250 million. 

Modis is a drug company focused on developing drugs for rare genetic diseases with high unmet medical need, according to a press release announcing the deal. 

"This transaction advances Zogenix's mission to become a leading rare disease pharmaceutical company by adding MT1621 to our pipeline of late-stage FINTEPLA® programs," said Stephen J. Farr, Ph.D., President and CEO of Zogenix. "Based on the compelling clinical data generated to date, we believe that MT1621 has the potential to significantly alter the course of the disease and improve outcomes in patients with TK2d."

MT1621 is a late-stage development treatment candidate of Thymidin Kinsae 2 deficiency, a genetic disorder that primarily affects children and is often fatal. 

Zogenix shares were down 13.3% to $43.45 in trading Monday.

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