Alexion, AstraZeneca Rare Disease to Acquire LogicBio to Accelerate Growth in Genomic Medicine
October 3, 2022
Alexion, AstraZeneca Rare Disease, has entered a definitive agreement to acquire genomic medicine biotech LogicBio Therapeutics to advance it genomic medicine technology platform.
The struggling company’s shares had traded at a low of $0.27 a share, and the company had just enough capital to stay afloat through the second half of 2023.
Under the terms of the agreement, Alexion, through a subsidiary, will initiate a cash tender offer to acquire all outstanding shares of LogicBio for $2.07 per share, representing a value of $68 million and a premium of 667 percent over LogicBio’s closing price ahead of the announcement. Both boards have unanimously approved the transaction. Alexion plans to close the deal in four to six weeks, subject to the tender of at least a majority of the outstanding shares of LogicBio common stock and satisfaction of other closing conditions, and plans to retain LogicBio employees at their current location.
“The proposed acquisition of LogicBio is a significant development for our growing research in genomic medicine,” said Marc Dunoyer, CEO, Alexion, AstraZeneca Rare Disease. “LogicBio’s people, experience and platforms provide new scientific capabilities by adding best-in-class technology and expertise to our genomic medicine strategy.”
LogicBio has developed technology platforms for the delivery and insertion of genes to address genetic diseases, as well as a platform designed to improve viral vector manufacturing processes. Alexion says these platforms, coupled with LogicBio’s experienced team and Alexion’s capabilities, will drive future scientific possibilities and next generation medicines to treat rare genetic diseases.
Author: Rare Daily Staff
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