On October 3, Alexion, a subsidiary of AstraZeneca’s rare disease business, announced that it had reached a definitive acquisition agreement with Lexington. The acquisition is designed to rapidly accelerate Alexion’s growth in genomic medicine through LogicBio’s unique technology, experienced rare disease R&D team and preclinical development expertise.
Under the terms of the agreement, Alexion will launch a cash tender offer through a subsidiary to acquire all outstanding shares of LogicBio at a price of $2.07 per share. The boards of directors of both parties unanimously approved the transaction. Alexion plans to close the deal in four to six weeks, and LogicBio employees will remain in their current positions.
Affected by the news, Lexington’s shares rose 636%.
LogicBio is a clinical-stage gene therapy company pioneering genome editing and gene delivery platforms to address rare and serious diseases from infancy to adulthood. LogicBio’s genome editing platform, GeneRide®, is a novel method for precise insertion of genes that harnesses the cell’s natural DNA repair process, potentially resulting in durable therapeutic protein expression levels.
LogicBio’s gene delivery platform, sAAVy™, is an adeno-associated virus (AAV) capsid engineering platform designed to optimize gene delivery for the treatment of multiple indications and inflammation. LogicBio’s proprietary manufacturing process mAAVRx™ is designed to overcome current AAV production limitations by increasing yield and product quality.