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.
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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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