AstraZeneca pays 660% premium for gene therapy firm LogicBio

ContextLogic Holdings

03/10/2022 13:19

Oct 3 (Reuters) - Shares of LogicBio Therapeutics
 LOGC.O  skyrocketed on Monday after Britain's AstraZeneca's
 AZN.L  said it would buy the U.S.-based gene therapy developer
at a rare 660% premium for $68 million.
    LoigBio's shares, which have traded below $1 since February,
were up 637% at $2 before the bell, close to AstraZeneca's offer
price of $2.07 per share.
    LogicBio is developing gene editing therapies to treat
pediatric rare disease like methylmalonic acidemia, where the
body cannot break down certain proteins and fats.
    AstraZeneca said the deal would accelerate growth of its
Alexion unit, which it acquired for $39 billion last year, in
the field of genomic medicine.  urn:newsml:reuters.com:*:nL4N2OQ1KB
 (Reporting by Leroy Leo in Bengaluru; Editing by Maju Samuel)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))