AstraZeneca stated that it has decided to acquire US-based cancer drugs company Amplimmune, as the Anglo-Swedish pharmaceuticals group looks to support its flagging pipeline of new products.
Under the contract, MedImmune will buy 100 percent of Amplimmune's shares for an opening price of $225 Million, with another $275 Million deferred till it reaches important drug development goals.
A statement said, "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 cancer immunology".
Bahija Jallal, executive vice president of MedImmune 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."
Amplimmune is AstraZeneca's up-to-date acquirement under new chief executive Pascal Soriot.
In June the London-listed group acquired US firm Pearl Therapeutics for up to $1.15 billion.
Under the contract, MedImmune will buy 100 percent of Amplimmune's shares for an opening price of $225 Million, with another $275 Million deferred till it reaches important drug development goals.
A statement said, "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 cancer immunology".
Bahija Jallal, executive vice president of MedImmune 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."
Amplimmune is AstraZeneca's up-to-date acquirement under new chief executive Pascal Soriot.
In June the London-listed group acquired US firm Pearl Therapeutics for up to $1.15 billion.