Alexion, AstraZeneca Rare Disease has signed a deal to buy genomic medicine company LogicBio Therapeutics.
The company was created after the acquisition of Alexion Pharmaceuticals by AstraZeneca last year.
The aim of the acquisition is to expedite the expansion of Alexion into genomic therapies by adding LogicBio’s technology as well as the research and development (R&D) team for rare diseases, and expertise in pre-clinical development.
LogicBio has created technology platforms for genes delivery and insertion for genetic diseases. It has also developed a platform which is intended to enhance the production processes of viral vectors.
AstraZeneca stated that the combination of these platforms with LogicBio’s team and Alexion’s advancements will create new scientific possibilities in the future as well as next generation medications for the treatment of rare genetic diseases.
Alexion, AstraZeneca Rare Disease 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.”
Under the terms of the definitive agreement signed by the companies, Alexion will begin a cash tender offer for the acquisition of LogicBio’s all outstanding shares for $2.07 per share.
Subject to the tendering of at least a majority of the outstanding shares of LogicBio and the meeting of other closing conditions, the transaction is expected to be concluded in four to six weeks.