By Colin Kellaher
Shares of LogicBio Therapeutics Inc. skyrocketed Monday after the genetic-medicine company agreed to be acquired by Anglo-Swedish pharma giant's AstraZeneca PLC for more than 7.5 times Friday's closing price.
LogicBio investors will receive $2.07 a share in cash in the $68 million deal, well above Friday's closing level of abut 27.3 cents but shy of the stock's 52-week high of $4.54 reached nearly a year ago.
LogicBio shares have fallen over the past year amid setbacks in its program targeting pediatric patients with the genetic metabolic disorder methylmalonic acidemia, including a clinical hold by the U.S. Food and Drug Administration.
LogicBio shares were recently changing hands at $2.02.
Write to Colin Kellaher at firstname.lastname@example.org
(END) Dow Jones Newswires