Thursday, August 28, 2014
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AstraZeneca pays up to $440M for Spirogen, strikes deal with ADC Therapeutics

AstraZeneca buys Spirogen for $440 million, strikes deal with ADC Therapeutics.

AstraZeneca pays up to $440M for Spirogen, strikes deal with ADC Therapeutics

AstraZeneca offices in England. The firm also has facilities in Delaware.
AstraZeneca offices in England. The firm also has facilities in Delaware.

Drugmaker AstraZeneca said Tuesday that it has bought Spirogen, a privately-held biotech company that focuses on so-called "antibody-drug conjugate" technology that is used in oncology. AstraZeneca will pay $200 million up front and then $240 more if Spirogen products reach development and commericial milestones.

AstraZeneca is based in London, with a planned move to Cambridge, but has a big operation in Wilmington and Newark, Del.

AstraZeneca made the purchase through its subsidiary MedImmune, its global biologics research and development arm.

MedImmune also paid $20 million to enter into a "collaboration agreement" with ADC Therapeutics to develop two of ADC Therapeutics’ antibody-drug conjugate programs in preclinical development. MedImmune will also make an equity investment in ADC Therapeutics, which has an existing licensing agreement with Spirogen.

“Antibody-drug conjugates are ground-breaking technologies with the potential for directly targeting many types of cancer tumours while safeguarding healthy cells," MedImmune executive vice president Dr. Bahija Jallal said in a statement. "The cutting-edge technologies developed by Spirogen and ADC Therapeutics complement MedImmune’s innovative antibody engineering capabilities, enabling us to accelerate antibody-drug conjugates into the clinic.”

David Sell
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David Sell blogs about the region's pharmaceutical industry. Follow him on Facebook.

For Inquirer.com. Portions of this blog may also be found in the Inquirer's Sunday Health Section.

Reach David at dsell@phillynews.com.

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