Zhonghong Group Bets Big in SeaWorld Ent. (SEAS); Xenon Pharma (XENE) Crashes on Acne Trial Data

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A subsidiary of Zhonghong Zhuoye Group Co., Ltd. will acquire an about 21% stake in SeaWorld Entertainment, Inc. (NYSE:SEAS) from affiliates of Blackstone for $23.00 per share – 32.87% above the stock’s closing price of $17.31 on Thursday.

Shares of the theme park and entertainment company climbed over 10% in pre-market trade Friday, following the announcement.

SeaWorld Entertainment, which operates marine-life theme park under the SeaWorld brand name, has 88.84M shares outstanding and SEAS stock 52-week range is from $11.77 to $21.84 per share. At close on Thursday, the company had a market capitalization of $1.54B

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Xenon Pharmaceuticals Inc. (Nasdaq:XENE) slumped more than 45% to touch a new 52-week low in premarket trading Friday after the company said that a mid-stage study evaluating its SCD1 inhibitor XEN801 in patients with moderate to severe facial acne has failed to meet the efficacy endpoints.

XENE stock closed at $9.85, up $0.50 (or +5.35%) with a total volume of 315,697 shares traded on Thursday.

Xenon Pharmaceuticals, which engages in discovering and developing differentiated therapeutics for orphan indications, has 17.94M shares outstanding. At close on Thursday, the clinical-stage biopharmaceutical company had a market capitalization of $176.67M and XENE stock one-year range was between $5.65 and $9.95 per share.

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