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LOGICBIO THERAPEUTICS, INC.

(LOGC)
Delayed Nasdaq  -  04:00:00 2022-11-15 pm EST
2.070 USD   +0.49%
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Alexion Pharmaceuticals, Inc. entered into a definitive agreement to acquire LogicBio Therapeutics, Inc. (NasdaqGM:LOGC) from a group of shareholders for $68.2 million.

10/03/2022 EST

Alexion Pharmaceuticals, Inc. entered into a definitive agreement to acquire LogicBio Therapeutics, Inc. (NasdaqGM:LOGC) from a group of shareholders for $68.2 million on October 2, 2022. Under the terms of the agreement, Alexion Pharmaceuticals will initiate a cash tender offer to acquire all outstanding shares of LogicBio for $2.07 per share in cash, without interest, less any applicable withholding taxes, upon the terms and subject to the conditions. In connection with the termination of the merger agreement under specified circumstances, LogicBio will be required to pay a termination fee of an amount in cash equal to $2,090,000. LogicBio and Alexion continue to operate as separate companies until the deal is closed. Alexion plans to retain LogicBio employees at their current location.

The transaction is subject to the tender of at least a majority of the outstanding shares of LogicBio common stock, there be no court order or law that impose a “burdensome condition” as a condition or consequence of consummating the proposed transaction and satisfaction of other closing conditions. The Board of Alexion and LogicBio have unanimously approved the transaction. In connection with the execution of the merger agreement, Alexion entered into tender and support agreements with each of BioDiscovery 5, OrbiMed Israel Partners II, L.P., OrbiMed Private Investments VI, L.P., OrbiMed Genesis Master Fund, L.P. and The Biotech Growth Trust PLC, under which such stockholders agreed, among other things, and subject to the terms thereof, to tender all of their shares into the offer. As of the date of the merger agreement, the shares subject to the Support Agreements comprised approximately 33% of the issued and outstanding Shares of LogicBio. Alexion plans to close the deal in four to six weeks. The offer commenced on October 18, 2022 and shall expire on November 15, 2022, unless the offer is extended or earlier terminated in accordance with the terms of the agreement.

Centerview Partners LLC is acting as financial advisor and fairness opinion provider and Krishna Veeraraghavan, David S. Huntington, Caith Kushner, Luke Jennings, Jason Tyler, Jean McLoughlin, Rebecca Coccaro, Lawrence Witdorchic, Robert Britton, Jonathan Ashtor, Geoffrey Chepiga, Joshua Soven, Peter Jaffe, Steven Herzog, Robert Kravitz, Brian Krause, Sohail Itani, Salvatore Gogliormella, Yuni Sobel, William O'Brien, Richard Elliott and Kyle T. Seifried of Paul, Weiss, Rifkind, Wharton & Garrison LLP acting as legal advisors to LogicBio. Sebastian L. Fain, Olaf Ehlers, Adam H. Golden, Lori Goodman, Justin Stewart-Teitelbaum, Mary Lehner, Laura Onken, Simon Priddis, Aimen Mir, Christine Laciak, Robert Scarborough and Kyle Lakin of Freshfields Bruckhaus Deringer acting as legal advisors to Alexion. Matt Hoffman of Greenberg Traurig, LLP acted as legal advisor to OrbiMed Advisors LLC. MacKenzie Partners, Inc. acted as information agent while Computershare Trust Company, National Association acted as depository bank and paying agent to LogicBio.


ę S&P Capital IQ 2022
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Managers and Directors
Matthias Hebben Vice President & Head-Technology Development
Marie Payton VP-Clinical Development Operations
David E. White Treasurer
Jonathan Quick Vice President-Finance
Janice Olson Senior VP-Strategy & Portfolio Management
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