AstraZeneca to Acquire Chinese Firm to Boost Cell Therapy Portfolio

Published on December 26, 2023

AstraZeneca will buy a Chinese biopharmaceutical company for up to $1.2 billion to expand its cell therapies pipelines, the Anglo-Swiss pharmaceutical company announced on Tuesday. It has entered into a definitive agreement to acquire Gracell Biotechnologies Inc. for $2 per ordinary share plus a non-tradable contingent value right of $0.3 per ordinary share. In total, the upfront payment is around $1 billion, with some $0.2 billion payable if specified regulatory milestones are reached. The transaction is expected to close in the first quarter of 2024, AstraZeneca said. Once the transaction is complete, Gracell will be delisted from the NASDAQ Biotechnology Index and operate as a wholly owned subsidiary of AstraZeneca, with operations in China and the United States....

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