AstraZeneca agreed to acquire biotechnology firm TeneoTwo Inc in a deal worth up to $1.27 billion, in a move to bolster its roster of therapies to treat blood cancers, Report informs, citing Reuters.
At the heart of the deal is the US-based company's early-stage experimental treatment for a form of Non-Hodgkin's lymphoma, a type of cancer that involves the growth of abnormal white blood cells that can lead to the emergence of tumors.
The Anglo-Swedish drugmaker - whose key blood cancer drug Calquence generated sales of more than $1.2 billion last year - plans to acquire all outstanding equity of TeneoTwo for an upfront payment of $100 million, with additional milestone-related payments of up to $1.17 billion.
TeneoTwo's experimental drug, TNB-486, belongs to a class of bispecific antibodies that are engineered to redirect the immune system to recognize and kill cancer cells.
It is currently in a phase 1 trial in patients with B-cell non-Hodgkin's lymphoma who have received two or more previous lines of therapy.
The transaction is likely to close in the third quarter of this year and is not expected to impact AstraZeneca's 2022 outlook, the London-listed company said.