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 colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

October 03, 2022 11:05 ET (15:05 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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