After receiving a takeover offer, LogicBio Therapeutics Inc. (Nasdaq: LOGC) stock is soaring 643.11% to trade at $2.03 per share in the current market. LOGC stock closed the previous session at $0.27.
What is the bid that LOGC received?
In today’s announcement, Alexion, an AstraZeneca Rare Disease company, announced that it had signed a definitive agreement with Lexington, LogicBio (LOGC) to acquire it.
- With LogicBio’s unique technology, R&D team, and preclinical development expertise, Alexion will be able to accelerate its growth in genomic medicines rapidly.
- As LOGC’s people, experience, and platforms offer new scientific capabilities by adding the best-in-class technology and expertise to Alexion’s genomic medicine strategy, the proposed acquisition will be a significant development for Alexion’s growing genomic medicine research.
- Since last year, Alexion and AstraZeneca have collaborated on a variety of scientific projects, and LogicBio will add to this foundation.
- As well as a platform for delivering and inserting genes to treat genetic diseases, LogicBio has developed a platform for improving the manufacturing process of viral vectors.
- By combining LOGC’s highly experienced team with Alexion’s advancements with AstraZeneca, these platforms will create next-generation medicines for rare genetic diseases in the future.
- Alexion shares LOGC’s commitment to discovering treatments for rare conditions and improving patient lives, and this partnership will bring its expertise in genetic medicine to LOGC.
- By acquiring LogicBio, LogicBio will be able to accelerate its research in gene editing and AAV capid development and advance genomic medicine together.
How will LOGC proceed?
A cash tender offer will be initiated by Alexion’s subsidiary to acquire all outstanding LogicBio (LOGC) shares for $2.07 per share under the terms of the agreement. Both boards of directors approved the deal unanimously. A majority of the outstanding shares of LOGC’s common stock must be tender and other closing conditions must be met for the transaction to close within four to six weeks, and LogicBio employees will remain at their current locations following the closing.