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.
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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.