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AstraZeneca to acquire Neogene for up to $320m
AstraZeneca has announced that it is planning to buy Neogene for up to $320m. Biotechnology group Neogene has a focus in clinical-stage discovery and development of novel cancer therapies, and AstraZeneca plans to use this acquisition to advance its research in oncology cell therapies.
Currently, Neogene has a focus on discovering, developing and manufacturing new T cell-receptor therapies (TCR-Ts), providing novel cell therapy treatments for fighting cancer.
AstraZeneca will pay $200m immediately upon closing, with the opportunity for further payments up to $120m in both contingent milestones and non-contingent considerations. The acquisition is expected to be finalised during the first quarter of 2023, at which point Neogene will become a wholly-owned subsidiary of AstraZeneca, although it will be based in Amsterdam, the Netherlands and California, US.
Susan Galbraith, AstraZeneca’s executive vice president of Oncology R&D, commented: “This acquisition represents a unique opportunity to bring innovative science and leading experts in T cell-receptor biology and cell therapy manufacturing together with our internal oncology cell therapy team, unlocking new ways to target cancer.”
She continues: “Neogene’s leading TCR discovery capabilities and extensive manufacturing experience complement the cell therapy capability we have built over the last three years, and allows us to accelerate the development of potentially curative cell therapies for the benefit of patients.”