AstraZeneca Plc took a further step to bolster its pipeline of new cancer drugs on Monday by agreeing to acquire privately held U.S. biotech company Amplimmune for up to $500 million. The deal is the second within 24 hours in the cancer drug space, following Amgen Inc's much larger acquisition of Onyx Pharmaceuticals Inc for about $10.4 billion.Amplimmune specialises in developing treatments designed to help the immune system fight cancer and the purchase will give AstraZeneca access to a number of compounds currently in pre-clinical development.While it will not yield commercially viable new medicines for several years, the move fits with the British drugmaker's strategy of building up its capability in oncology - a key area identified for investment by CEO Pascal Soriot.AstraZeneca's MedImmune biotech unit will acquire 100 percent of Amplimmune's shares for an initial $225 million and a deferred consideration of up to $275 million based on reaching predetermined development milestones.
AstraZeneca PLC (AstraZeneca) is a global biopharmaceutical company. Shares of AZN remained unchanged at $50.67. In the past year, the shares have traded as low as $44.17 and as high as $53.45. On average, 1772140 shares of AZN exchange hands on a given day and today's volume is recorded at 0.
Onyx Pharmaceuticals, Inc. (Onyx) is a biopharmaceutical company. Shares of ONXX remained unchanged at $116.96. In the past year, the shares have traded as low as $68.12 and as high as $136.87. On average, 2289700 shares of ONXX exchange hands on a given day and today's volume is recorded at 952.
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