The Board of Directors of both AstraZeneca (NASDAQ:AZN) and LogicBio (NASDAQ:LOGC) have agreed to the planned acquisition of LOGC for $2.07 per share. The acquisition is expected to be completed within four to six weeks. Upon closure, LogicBio will be added to AZN’s Alexion segment, which engages in researching drugs for rare diseases and genomic medicines.
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This is an all-stock deal, subject to the majority approval of LogicBio’s shareholders and certain regulatory approvals. All of LogicBio’s teams will continue functioning at their current locations.
Commenting on the deal, Marc Dunoyer, CEO of Alexion, AstraZeneca Rare Disease said, “LogicBio’s people, experience, and platforms provide new scientific capabilities by adding best-in-class technology and expertise to our genomic medicine strategy. The scientific collaboration between Alexion and AstraZeneca has been a substantial area of focus since last year’s acquisition and the addition of LogicBio will expand this foundational work.”
Following the news, LOGC stock skyrocketed nearly 640% in pre-market trading at the time of writing.
