AstraZeneca has struck a deal to acquire biotechnology EsoBiotec for up to $1bn, as the London-listed pharmaceuticals group expands its investments in cell therapies for treating cancer.
The FTSE 100 group said on Monday that it would make an initial payment of $425mn and may pay a further $575mn if the biotech meets certain development and regulatory milestones.
Susan Galbraith, executive vice-president of oncology R&D at AstraZeneca, said the EsoBiotec deal “has the potential to transform cell therapy and will enable us to scale these innovative treatments so that many more patients around the world can access them”.
Cell therapies involve modifying the patient’s own cells so that they will fight the cancer.
The Anglo-Swedish drugmaker said the deal would not affect its financial guidance for the year.
The transaction is expected to close in the second quarter of 2025, subject to regulatory approval.
The company made an early foray into cell therapy acquisitions in China in late 2023, picking up Gracell Biotechnologies for up to $1.2bn, in a deal that provided it with a potential new treatment for multiple myeloma, a type of bone marrow cancer.
