Companies focused on a class of drugs known as T-cell engagers are trading higher Tuesday after AstraZeneca (NASDAQ:AZN) announced an agreement to acquire the U.S.-based TeneoTwo for a total consideration of up to $1.3B.
The acquisition will further diversify its hematology pipeline Astra (AZN) said, noting the Phase 1 T-cell engager TNB-486 that TeneoTwo is advancing for relapsed and refractory B-cell non-Hodgkin lymphoma.
“We believe the increasing pace of M&A in 2022 highlights the depressed valuations, attractive oncology assets and potentially positive data catalysts,” Bloomberg reported quoting Barclays analyst Peter Lawson who commented on the transactions.
“....continued M&A will help improve biotech sentiment and help drive upside to the biotech sector.”
Read: Why Seeking Alpha contributor The Macro Teller is bullish on healthcare as a whole and biotech in particular.