LogicBio’s inventory skyrockets after buyout bid for a 667% premium

Shares of LogicBio Therapeutics Inc.
LOGC,
+641.32%
skyrocketed greater than seven-fold (up 643%) in morning buying and selling, to bounce off the earlier session’s report low, after the genetic medication firm introduced an settlement to be acquired by AstraZeneca PLC’s
AZN,
+0.51%
AZN,
-1.64%
Alexion, AstraZeneca Uncommon Illness in a deal that values LogicBio at about $68.23 million. The inventory had closed Friday at a report low of 27 cents, representing a market capitalization for LogicBio of about $8.9 million. Beneath phrases of the buyout deal, Alexion will launch a money tender provide of $2.07 for every LogicBio share excellent, representing a 666.7% premium to Friday’s closing worth. “By this acquisition, we try to speed up our analysis in gene modifying and AAV [Adeno-associated viruses] capsid growth and collectively transfer the sphere of genomic medication ahead,” stated LogicBio Chief Government Fred Chereau. Till Monday’s rally, LogicBio’s inventory had traded beneath the $1 mark since Feb. 2, after the corporate stated it a medical trial of LB-001 in pediatric sufferers with methylmalonic acidemia (MMA) had been positioned on maintain by the Meals and Drug Administration. The inventory has nonetheless misplaced 12.6% yr so far, whereas the S&P 500
SPX,
+2.04%
has shed 24.0%.