Astrazeneca has entered an agreement to acquire biotech firm Teneotwo for up to USD 1.3bn, Bloomberg News reports.
The British-Swedish firm is paying USD 100m upfront, while the rest will be in the form of milestone payments connected to development and commercial targets.
The aim of the acquisition is for Astrazeneca to get its hands on an experimental lymph node cancer treatment. The candidate, called TNB-486, is in the early stages of clinical testing, Astrazeneca reports.
Astrazeneca’s share price increased by 3% on Tuesday.