AstraZeneca buys US cancer drugs firm

AstraZeneca said on Tuesday that it has agreed to buy US-based cancer drugs company Amplimmune, as the Anglo-Swedish pharmaceuticals group seeks to bolster its flagging pipeline of new products.

Under the deal, MedImmune will acquire 100 percent of Amplimmune's shares for an initial price of $225 million, with another $275 million deferrred until it reaches key drug development milestones.

"AstraZeneca today announced that MedImmune, its global biologics research and development arm, has entered into a definitive agreement to acquire Amplimmune, a privately-held, Maryland, US-based biologics company focused on developing novel therapeutics in ," a statement said.

"MedImmune's focus on harnessing the power of the patient's own immune system to fight cancer will be complemented by Amplimmune's innovative work in this area," said Bahija Jallal, executive vice president of MedImmune.

"It will allow us to strengthen our arsenal of potential cancer therapies.

"We are excited to be working with the Amplimmune team to help find new treatments to address areas of unmet medical need."

Over the weekend, meanwhile, the world's top biotech firm Amgen struck a deal to buy Onyx Pharmaceuticals for $10.4 billion, joining a trend toward consolidation in the drugmaking industry.

The deal will allow Amgen to get its hands on Kyprolis, a promising treatment for developed by Onyx and approved by US authorities in 2012.

Amplimmune is AstraZeneca's latest acquisition under new chief executive Pascal Soriot, who joined in October last year.

The London-listed group purchased US firm Pearl Therapeutics in June for up to $1.15 billion.

add to favorites email to friend print save as pdf

Related Stories

AstraZeneca in $560 m deal for respiratory firm

Jun 10, 2013

British drugmaker AstraZeneca PLC says it is to acquire Pearl Therapeutics Inc., a Redwood-City, California-based company involved in therapies for asthma and chronic obstructive pulmonary disease for at least $560 million.

Amgen buys Micromet for anti-leukemia drug

Jan 26, 2012

Biotech giant Amgen said Thursday it was buying the German-American cancer research firm Micromet, giving it access to Micromet's promising leukemia therapy.

Japan's DSP to buy US cancer start-up for $2.6 bn

Mar 01, 2012

Japanese drugs giant Dainippon Sumitomo Pharma will buy US biotechnology cancer specialist Boston Biomedical for a price that could hit $2.6 billion, the companies announced Thursday.

Recommended for you

FDA proposes accelerated medical device approval plan

4 hours ago

(HealthDay)—The U.S. Food and Drug Administration has proposed a new program that would provide expedited access to high-risk medical devices intended for patients with serious conditions whose medical ...

Targeting drugs to reduce side effects

9 hours ago

(Medical Xpress)—Consider ice cream – the base of which is frozen cream. Ingredients are then added to make different flavours. All these flavours are distinctly different but are created from the same foundation.

User comments