AstraZeneca boosts oncology portfolio with deal worth up to $440M

|About: AstraZeneca Group plc (AZN)|By:, SA News Editor

AstraZeneca (AZN) has agreed to acquire privately held biotech company Spirogen for up to $440M in a deal that strengthens the U.K. company's oncology portfolio.

Spirogen develops antibody-drug conjugate technology, which can directly target tumors while protecting healthy cells.

AstraZeneca will pay $200M up front and $240M in milestones.

The drugs giant will also buy a stake in ADC Therapeutics, which has a licensing agreement with Spirogen, for $20M.

AstraZeneca's shares are +0.5% in London. (PR)