AstraZeneca buys US cancer drugs firm

LONDON, UK: AstraZeneca said on Tuesday (27 August) that it has agreed to buy US-based cancer drugs company Amplimmune, as the Anglo-Swedish pharmaceutical group seeks to bolster its flagging pipeline of new products.

In terms of the deal, MedImmune will acquire 100% of Amplimmune's shares for an initial price of US$225m, with another US$275m 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 buy Amplimmune, a privately-held, Maryland, US-based biologics company focused on developing novel therapeutics in cancer immunology," 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 medical need," Jallal said.

Amplimmune is AstraZeneca's second 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 US$1.15bn

In a separate development, the world's top biotech firm Amgen agreed to buy Onyx Pharmaceuticals for US$10.4bn, joining a trend toward consolidation in the drug-making industry. The deal will allow Amgen to get its hands on Kyprolis, a promising treatment for blood cancer developed by Onyx and approved by US authorities in 2012.

Source: AFP via I-Net Bridge