Astra in $500m US buy to boost cancer pipeline
Tuesday 27 August 2013
UK drugs giant AstraZeneca took a further step to bolster its pipeline of new cancer drugs yesterday by agreeing to acquire privately held US biotech company Amplimmune for up to $500m (£321m).
Amplimmune specialises in developing treatments designed to help the immune system fight cancer. The purchase will give AstraZeneca access to a number of compounds in pre-clinical development.
While the move will not yield commercially viable new medicines for several years, it fits with the strategy of chief executive Pascal Soriot, pictured, to build up its capability in oncology. AstraZeneca’s MedImmune biotech unit will acquire 100 per cent of Amplimmune’s shares for an initial $225m and future payments of up to $275m based on reaching predetermined development milestones.
“It will allow us to strengthen our arsenal of potential cancer therapies,” Bahija Jallal, executive vice president of MedImmune, said of the deal.
AstraZeneca already has other cancer therapies in clinical development, and its decision to place a further bet on early research reflects its determination to compete with companies such as Roche and Merck in a hot area of cancer research.
The new wave of medicines that tap the power of the immune system to fight cancer could become the biggest drug class in history, with potential sales of $35bn a year, according to analysts at US bank Citigroup.
A cautionary tale for ambitious would-be authors
X Factor judge will appear in court later this month
Gurdwaras-turned-food banks: Sikh temples are catering for rise in Britain’s hungry
The poorest pay the price for austerity: Workers face biggest fall in living standards since Victorian era
N Korea confirms removal of Kim Jong-un’s 'depraved' uncle Jang Song Thaek
10 stone five-year-old taken into care
'I'm experiencing austerity as well', says Princess Michael of Kent
- 1 Gurdwaras-turned-food banks: Sikh temples are catering for rise in Britain’s hungry
- 2 Council bans use of word ‘Commie’ – but ‘fascist’ and ‘Nazi’ are fine
- 3 The poorest pay the price for austerity: Workers face biggest fall in living standards since Victorian era
- 4 Newly vegan Beyoncé wears fox fur to dine in meat free restaurant
- 5 'I'm experiencing austerity as well', says Princess Michael of Kent
- < Previous
- Next >
iJobs Money & Business
£44000 - £55000 per annum + Excellent Benefits: Pro-Recruitment Group: Confide...
£25000 - £35000 per annum + Benefits : Harrington Starr: PHP Symfony2 Framewor...
£40000 - £55000 per annum + Bonus and Benefits: Harrington Starr: A leading pr...
£50000 - £60000 per annum + Bonus + Benefits: Harrington Starr: Market Data An...