AstraZeneca and Innate Pharma have announced a deal that will expand AstraZeneca's cancer immunotherapy abilities. The deal will has AstraZeneca buying a 9.8 percent stake in the French biotech company.
Innate will nab rights to sell AstraZeneca’s rare blood cancer drug Lumoxiti as its first commercial product.
AstraZeneca has purchased 6.26 million new shares in Innate at double the market rate.
According to AstraZeneca, Innate’s experimental immunotherapy drug monalizumab will be a focus as it will be employing an option to get oncology rights. Monalizumab is currently in mid-stage clinical trials for colorectal cancer, as well as tumors of the head and neck.
AstraZeneca will also make payments totaling $170 million for rights to several experimental Innate drugs, while Innate will pay up to $75 million to AstraZeneca for Lumoxiti.
AstraZeneca will also gain access to Innate’s anti-CD39 monoclonal antibody, IPH5201, plus four additional immuno-oncology molecules.
Read the Reuters report