AstraZeneca to buy oncology-focused Spirogen for up to $440 mln

LONDON Tue Oct 15, 2013 2:25am EDT

LONDON Oct 15 (Reuters) - British drugmaker AstraZeneca said on Tuesday its MedImmune unit would buy biotech company Spirogen for up to $440 million to bolster its oncology portfolio.

Privately held Spirogen focuses on antibody-drug conjugate technology, which has the potential to directly target cancer tumours while safeguarding healthy cells, AstraZeneca said.

AstraZeneca said it would pay an intial $200 million plus a further $240 million if Spirogen meets development targets. It will also pay $20 million to take an equity investment in ADC Therapeutics, which has a licensing agreement with Spirogen.