Neogene Therapeutics, Inc. a global clinical-stage biotechnology company has entered into a definitive agreement to be acquired by AstraZeneca.
Neogene has operations in the Netherlands and California.
Carsten Linnemann, CEO of Neogene, said: “We are excited to work together with AstraZeneca towards our shared mission of transforming the treatment options for patients with solid tumors using next-generation T-cell receptor therapies. Our expertise, clinical portfolio, and platform technologies in this area combined with AstraZeneca’s leadership in oncology and global footprint means we are well-positioned to translate pioneering science into novel treatments for hard-to-treat cancers.”
Susan Galbraith, executive vice president, of oncology R&D at AstraZeneca, said: “This acquisition represents a unique opportunity to bring innovative science and leading experts in T-cell receptor biology and cell therapy manufacturing together with our internal oncology cell therapy team, unlocking new ways to target cancer. Neogene’s leading TCR discovery capabilities and extensive manufacturing experience complement the cell therapy capability we have built over the last three years and allow us to accelerate the development of potentially curative cell therapies for the benefit of patients.”
UK-based AstraZeneca is building a cell therapy portfolio that aims to empower and equip the immune system’s T cells to more effectively fight cancer.
AstraZeneca will acquire all outstanding equity of Neogene Therapeutics for $320 million cash. This will include an initial payment of $200 million on closing and a further up to $120 million in both contingent, milestones-based and non-contingent considerations.
The transaction is expected to close in the first quarter of 2023, subject to customary closing conditions and regulatory clearances. Neogene will operate as a wholly-owned subsidiary, with operations in Amsterdam and Santa Monica.
AstraZeneca employs about 1,500 in Delaware.
The company has been focusing on cancer, rare diseases, diabetes and cardiology drugs and has stepped up its acquisition activities.