AstraZeneca to pay record 660% premium for gene editing company

Shares of USA-based LogicBio Therapeutics (Nasdaq: LOGC) leapt a staggering 641% to $2.02 in early trading today, as it revealed it is being acquired by Alexion, AstraZeneca’s (LSE: AZN) rare disease business. The buy includes LogicBio’s gene editing technology platforms, R&D team and expertise in pre-clinical development to support Alexion’s growth in genomic medicines.

"The proposed acquisition of LogicBio is a significant development for our growing research in genomic medicine," said Marc Dunoyer, chief executive of Alexion, AstraZeneca Rare Disease, which the UK pharma major acquired for $39 billion last year. "LogicBio's people, experience and platforms provide new scientific capabilities by adding best-in-class technology and expertise to our genomic medicine strategy. The scientific collaboration between Alexion and AstraZeneca has been a substantial area of focus since last year's acquisition and the addition of LogicBio will expand this foundational work," he explained.

$68 million transaction