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
10-03-22 0742ET