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UPDATE: Zogenix and Valeant Pharmaceuticals Enter Exclusive Co-Promotion Agreement for Migranal Nasal Spray

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Zogenix (Nasdaq: ZGNX), a pharmaceutical company commercializing and developing products for the treatment of central nervous system disorders and pain, announced today an exclusive co-promotion agreement for Migranal® (dihydroergotamine mesylate, USP) Nasal Spray in the United States.

Under the terms of the agreement, Zogenix's sales force will begin selling Migranal Nasal Spray to its customer base of prescribers, which is primarily composed of neurologists, headache specialists and related nurse practitioners and physician assistants in late July 2013. The initial term of the agreement will be through December 31, 2015, and can be extended by mutual agreement of the parties. Valeant will record all product revenues and Zogenix will be compensated in the form of a quarterly service fee that is calculated as a percentage of net sales over a baseline amount.

Migranal Nasal Spray is indicated for the acute treatment of migraine headaches with or without aura. It is complementary to Zogenix's commercialized migraine product, SUMAVEL® DosePro® Needle-free Delivery System (sumatriptan injection), which is indicated for the acute treatment of migraine attacks, with or without aura, and cluster headache. Because the active ingredients in Migranal Nasal Spray and SUMAVEL DosePro are from different classes of migraine prescription medications, Migranal may allow patients to get relief from attacks if they have not responded to triptans, the most widely prescribed class of migraine treatments.

Roger L. Hawley, chief executive officer of Zogenix, stated, "We are pleased to enter a co-promotion agreement with Valeant for Migranal Nasal Spray. We view Migranal as complementary to SUMAVEL DosePro and supportive of the migraine treatment guidelines, which encourage the use of a toolbox of treatment options to address the variety in migraine attacks. We believe that our sales force is well positioned to expand adoption of Migranal with neurologists and headache specialists that prescribe SUMAVEL DosePro, providing more patients with this treatment option. We believe this agreement fits well with our vision to be the leading specialty migraine company and help drive our commercial operations towards profitability."

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