The $68m acquisition of the NASDAQ-listed LogicBio Therapeutics is expected to accelerate Alexion’s expansion into genomic therapies by adding the former’s technology, research and development team for rare diseases, and know-how in pre-clinical development
Alexion, AstraZeneca Rare Disease to acquire genomic medicine company LogicBio Therapeutics. (Credit: D Wells from Wikimedia commons)
Alexion, AstraZeneca Rare Disease has signed a definitive agreement to acquire Massachusetts-based genomic medicine company LogicBio Therapeutics for a price of $2.07 per share or $68m.
LogicBio Therapeutics is currently listed on NASDAQ. Its acquisition is expected to expedite Alexion’s expansion into genomic therapies by adding LogicBio Therapeutics’ technology, research and development (R&D) team for rare diseases, and proficiency in pre-clinical development.
Alexion Pharmaceuticals, which was acquired by AstraZeneca for $39bn in 2021, subsequently became a rare disease group within the latter.
LogicBio Therapeutics has built technological platforms for gene transport and insertion for genetic diseases. The genomic medicine company has also developed a platform for enhancing the production processes of viral vectors.
AstraZeneca said that the combination of the platforms with LogicBio Therapeutics’ team and Alexion’s advancements since joining it will generate new scientific possibilities in the future along with next generation medications for the treatment of rare genetic diseases.
Alexion CEO Marc Dunoyer said: “The proposed acquisition of LogicBio is a significant development for our growing research in genomic medicine.
“LogicBio’s people, experience and platforms provide new scientific capabilities by adding best-in-class technology and expertise to our genomic medicine strategy.
“The scientific collaboration between Alexion and AstraZeneca has been a substantial area of focus since last year’s acquisition and the addition of LogicBio will expand this foundational work.”
The deal has the unanimous approval of AstraZeneca and LogicBio Therapeutics.
Subject to the tendering of at least a majority of the outstanding shares of LogicBio Therapeutics’ and the meeting of other closing conditions, the deal is expected to be concluded in four to six weeks.
LogicBio Therapeutics president and CEO 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.”