Alexion Snaps Up LogicBio Seeking Expansion into Genomic Medicines

AstraZeneca’s rare disease group, Alexion, announced its acquisition of LogicBio Therapeutics for the utilization of LogicBio’s tech for the expansion of Alexion’s genomic medicines. Alexion is purchasing the company for $2.07 per share, nearly eight times its closing price on Friday, September 30th.

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An Acquisition Making an Acquisition

AstraZeneca snapped up Alexion in 2021 for $39 billion. Since then, the company reorganized into AstraZeneca’s rare disease group, focusing on the development of drugs for diseases like generalized Myasthenia Gravis (gMG).

Seeking to expand into genomic medicines, Alexion sought out LogicBio. The Massachusetts-based company has two platforms: GeneRide™ and sAAVy™. GeneRide uses a cell’s repair process for more durable gene editing, whereas sAAVy is their next-generation gene delivery capsid platform.

Alexion made a cash tender offer through a subsidiary of $2.07 per share of LogicBio, up from $0.27 per share at the market’s close on Friday, September 30th. The announcement alone shot up the company’s price to a steady opening price of $2.01 on Monday, October 3rd. The total price for the acquisition is estimated at around $67 million. Both companies’ boards of directors have unanimously approved the deal. 

On the acquisition, Fred Chereau, President and Chief Executive Officer of LogicBio, 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.”

Alexion seeks the closure of the deal within four to six weeks. The deal will be subject to the tender of the majority of outstanding shares of LogicBio common stock, as well as other closing conditions. Alexion plans on retaining LogicBio employees at their current location.

Author

Max Heirich