AstraZeneca Plc, the UK drugmaker, agreed to buy the Belgian biotech EsoBiotec for as much as $1 billion to further boost its cancer capabilities.
AstraZeneca will pay $425 million upfront and may spend up to $575 million more in development and regulatory milestones, the companies said Monday.
EsoBiotec’s platform has the potential to transform cell therapy, according to AstraZeneca, by empowering the immune system to attack cancers. It uses targeted viruses to engineer immune cells directly within a person’s body and could allow treatment to be delivered in minutes rather than the current standard of several weeks.
EsoBiotec will become a subsidiary of AstraZeneca and maintain operations in Belgium. The transaction is expected to close in the second quarter.
In a separate cancer deal announced Monday, AstraZeneca agreed a licensing deal for multiple oncology assets from Alteogen Inc.
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