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LogicBio Therapeutics, Inc. (NASDAQ:LOGC) Joins Hand with AstraZeneca (NASDAQ:AZN) to Growth In Genomic Medicines

AstraZeneca (NASDAQ:AZN) Rare Disease, Alexion has signed a definitive agreement to purchase Lexington, Mass.-based LogicBio Therapeutics, Inc. (NASDAQ:LOGC), a pioneering genomic medicine company. The proposed purchase seeks to significantly accelerate Alexion’s expansion in genomic therapeutics by using LogicBio’s unique technology, experienced rare illness R&D team, and pre-clinical development knowledge.

A notable mover in today’s trading session is AstraZeneca (NASDAQ:AZN) as the stock opened the most recent session at 28.840 and at the time of writing the last Bid was at 29.295. In the current trading session the stock reached as high as 29.350 and dipped down to 28.820. Cisco Systems, Inc., a NMS listed company, has a current market cap of 148.99B and on average over the past 3 months has seen 24849100 shares trade hands on a daily basis.

CEO of Alexion, AstraZeneca Rare Disease, Marc Dunoyer stated that the proposed purchase of LogicBio is a big step forward in our burgeoning genomic medicine research. LogicBio’s people, experience, and platforms contribute additional scientific capabilities to our genomic medicine approach by bringing best-in-class technology and knowledge. Alexion and AstraZeneca’s scientific partnership has been a major emphasis since the purchase last year, and the inclusion of LogicBio will expand on this core work.

LogicBio has created technological platforms for gene delivery and insertion to treat genetic illnesses, as well as one to optimize viral vector production processes. These platforms, in conjunction with LogicBio’s highly skilled staff and Alexion’s collaboration with AstraZeneca, will propel future scientific possibilities and next-generation medications to treat rare genetic illnesses.

President and CEO, LogicBio, Fred Chereau said: “We are excited about the opportunity to bring our science and expertise in genetic medicine to Alexion, which shares our commitment to discovering treatments for rare conditions and improving the lives of patients. 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.”

According to the terms of the agreement, Alexion will launch a cash tender offer to purchase all outstanding shares of LogicBio for $2.07 per share through a subsidiary. The acquisition has been approved unanimously by both boards. Alexion expects the transaction to be completed in four to six weeks, subject to the tender of at least a majority of the outstanding shares of LogicBio common stock and the fulfillment of other closing conditions, and intends to keep LogicBio personnel in their existing location.

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