Why Are LogicBio Therapeutics Shares Skyrocketing Today?

AstraZeneca Plc's AZN subsidiary, Alexion, has agreed to acquire LogicBio Therapeutics Inc LOGC for $2.07 per share. Both boards have unanimously approved the transaction.
Alexion plans to close the deal in four to six weeks, subject to the tender of at least a majority of the outstanding shares of LogicBio common stock.
It plans to retain LogicBio employees at their current location.
Also Read: LogicBio Therapeutics Shares Skyrocket As FDA Lifts Clinical Hold On Its Pediatric Trial.
The proposed acquisition brings LogicBio's unique technology, experienced rare disease R&D team, and expertise in pre-clinical development to support Alexion's growth in genomic medicines.
Fred Chereau, President and Chief Executive Officer, LogicBio, said, "Through this acquisition, we strive to accelerate our research in gene editing and AAV capsid development and together move the field of genomic medicine forward."
LogicBio has developed technology platforms for the delivery and insertion of genes to address genetic diseases and a platform designed to improve viral vector manufacturing processes.
Price Action: LOGC shares are up 633.9% at $2.00 during the premarket session on the last check Monday.