Spirogen Purchased for Up to $440 Million
British drugmaker AstraZeneca said to bolster its research and development pipeline in oncology, its MedImmune unit would buy biotech company Spirogen for up to $440 million.
Spirogen focuses on antibody-drug conjugate technology, which has the potential to directly target cancer tumors while safeguarding healthy cells, AstraZeneca said. They said it would pay an initial $200 million plus a further $240 million if Spirogen meets development targets.
AstraZeneca will also pay $20 million to take an equity investment in Swiss-based ADC Therapeutics, which has a licensing agreement with Spirogen. Read the full story