AstraZeneca to buy biotech firm TeneoTwo for up to €1.22bn

Deal will help bolster its blood cancer portfolio

Anglo-Swedish drugmaker AstraZeneca said on Tuesday it will acquire biotechnology firm TeneoTwo in a deal worth up to $1.27 billion (€1.22 billion), in a move to bolster its blood cancer portfolio.

The deal includes the US-based company’s experimental treatment for a type of non-Hodgkin lymphoma, AstraZeneca said in a statement.

The experimental therapy, a T-cell engager, is a part of the immunotherapy class of treatments that use the body's own defence mechanism to fight cancerous cells.

AstraZeneca said it has agreed to buy all outstanding equity of TeneoTwo for an upfront payment of $100 million on deal close, and additional milestone-related payments of up to $1.17 billion.

The transaction is likely to close in the third quarter of this year and not expected to impact AstraZeneca's 2022 outlook, the London-listed company said.

TeneoTwo was spun-off from Teneobio, which was bought by US biotechnology company Amgen last year. - Reuters