AstraZeneca has agreed to acquire Gracell Biotechnologies Inc., a company developing cell therapies for the treatment of cancer and autoimmune diseases for as much as $1.2 billion.
It is the second recent major acquisition by U.K.-based AstraZeneca, which has administrative and logistics operations in Delaware. (See story below).
The acquisition aligns with AstraZeneca’s existing investments in cell therapy, particularly in CAR-T and T-cell receptor therapies for solid tumors. AstraZeneca and Gracell’s executives say GC012F treatment offers promise in advancing AstraZeneca’s cell therapy strategy, especially in hematology, potentially offering a novel treatment for blood cancers.
AstraZeneca has been working to build a pipeline that fits in with its focus on cancer, cardiovascular-renal, respiratory, vaccines, and rare diseases.
The upfront cash portion of the sale is about $1 billion, a 62% premium to Gracell’s closing market price. Dec. The upfront and potential contingent value payments represent, if achieved, a transaction value of about $1.2 billion. AstraZeneca will acquire the cash, cash equivalents and short-term investments on Gracell’s balance sheet, which totaled $234.1 million.
The transaction is slated to close in the first quarter of 2024, subject to customary closing conditions, including regulatory matters, and Gracell shareholder approval.
Gracell will operate as a wholly-owned subsidiary of AstraZeneca.
