AstraZeneca acquires US biologics firm

27th Aug 2013 07:21

AstraZeneca announced Tuesday that MedImmune, its global biologics research and development arm, has entered into a definitive agreement to acquire Amplimmune, a privately-held, US-based biologics company focused on developing novel therapeutics in cancer immunology. The acquisition will be made for an initial consideration of $225m and a deferred consideration of up to $275m, based on reaching predetermined development milestones.The move is expected to build the group's oncology pipeline by obtaining multiple early-stage assets for its immune-mediated cancer therapy portfolio.The company described this therapy as "a promising therapeutic approach that may lead to durable and prolonged response rates across a range of cancer types", explaining that they are being designed to "empower the immune system to counteract the tactics employed by cancer cells to avoid detection and attack the body".MedImmune's Executive Vice President, Dr. Bahija Jallal, 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. "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."NR