AstraZeneca strikes deal with Immunocore for new cancer drug

Drugs giant AstraZeneca has unveiled a deal with British biotech company Immunocore to develop new cancer treatments that use the body’s immune system.

Under the agreement, Immunocore will get $20 million (£12.1 million) from Astra’s MedImmune unit for each programme it takes on. The Oxford-based company will also be eligible for development and commercial milestone payments, up to $300 million for each programme, as well as royalties.

Analysts believe the immunotherapies market could generate tens of billions of dollars in annual sales for the pharmaceuticals industry.