By Colin Kellaher

 

LogicBio Therapeutics Inc. on Monday said it agreed to be acquired by AstraZeneca PLC for about $68 million in a deal supporting the Anglo-Swedish pharmaceutical giant's growth in genomic medicines.

AstraZeneca said it agreed to pay $2.07 a share in cash for LogicBio, more than seven times Friday's closing price of about 27.3 cents for the Lexington, Mass., genetic-medicine company.

AstraZeneca is acquiring LogicBio through Alexion, which it bought last year in a $39 billion deal aimed at expanding its offering of treatments for rare diseases.

Shares of LogicBio, which said it expects the deal to close in four to six weeks, surged to $2.01 in premarket trading.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

October 03, 2022 07:42 ET (11:42 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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