- 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)
AstraZeneca boosts oncology portfolio with deal worth up to $440M
Oct 15 2013, 03:08 ET