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LogicBio Therapeutics Inc (NASDAQ:LOGC) shares are trading higher Monday after the company announced it will be acquired by AstraZeneca PLC (NASDAQ:AZN) subsidiary Alexion for $2.07 per share.
The proposed acquisition aims to accelerate Alexion's growth in genomic medicines through LogicBio's unique technology, experienced rare disease R&D team and expertise in pre-clinical development.
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. The companies expect these platforms to drive future scientific possibilities.
"Through this acquisition, we strive to accelerate our research in gene editing and AAV capsid development and together move the field of genomic medicine forward," said Fred Chereau, president and CEO of LogicBio.
Both boards have unanimously approved the transaction. Alexion said it expects the deal to close in four to six weeks.
LogicBio is a clinical-stage genetic medicine company pioneering genome editing and gene delivery platforms to address rare and serious diseases from infancy through adulthood.
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LOGC Price Action: LogicBio has a 52-week high of $2.53 and a 52-week low of 25 cents.
The stock was up 641.3% at $2.02 at time of publication, according to Benzinga Pro.
Photo: Konstantin Kolosov from Pixabay.
