Alexion, the rare diseases unit of AstraZeneca, announced that it has entered into a definitive agreement to acquire LogicBio Therapeutics, Inc., a Lexington, Mass.-based genomic medicine company, in a $68 million.
LogicBio has developed technological platforms for the delivery and insertion of genes to fight genetic diseases, as well as a platform designed to improve the manufacturing processes of viral vectors. These platforms, together with the LogicBio team and Alexion’s advancements with AstraZeneca, will lead to future scientific possibilities and next-generation drugs to treat rare genetic diseases, according to a release.
“The proposed acquisition of LogicBio is a significant development for our growing research in genomic medicine,” said Marc Dunoyer, CEO of Alexion, AstraZeneca Rare Disease. “LogicBio’s people, experience and platforms are delivering new scientific capabilities by adding cutting-edge technology and expertise to our genomic medicine strategy. Scientific collaboration between Alexion and AstraZeneca has been an important area of focus since last year’s acquisition and the addition of LogicBio will expand this foundational work.
Under the terms of the agreement, Alexion, through a subsidiary, will launch a cash tender offer to acquire all outstanding shares of LogicBio for $2.07 per share.
Both boards unanimously approved the transaction. Alexion expects to close the transaction in four to six weeks, subject to the tender of at least a majority of the outstanding common shares of LogicBio and the satisfaction of other closing conditions. He plans to keep LogicBio employees in their current location.
AstraZeneca has corporate, logistics and manufacturing operations in northern Delaware that employ 1,500 people. Alexion, which was purchased earlier by AstraZeneca, is based in Boston.