AstraZeneca’s MedImmune division to acquire Amplimmune

AstraZeneca's global biologics research and development arm MedImmune is to acquire the US-based biologics company in a deal worth up to $500 million (322.18 million pounds).

The transaction will see MedImmune acquiring 100 percent of Amplimmune's shares for an initial consideration of $225 million, with a deferred payment of up to $275 million contingent on the achievement of predetermined development milestones.

It will allow MedImmune to obtain multiple early-stage assets for its immune-mediated cancer therapy portfolio, including AMP-514, an anti-programmed cell death 1 monoclonal antibody that is currently in late-stage preclinical development.

The companies expect the deal to close in the third quarter of 2013.

Dr Bahija Jallal, executive vice-president for MedImmune, said: "MedImmune's focus on harnessing the power of the patient's own immune system to fight cancer will be complemented by Amplimmune's innovative work in this area."

This comes after MedImmune agreed a new diabetes and obesity-focused collaboration with NGM Biopharmaceuticals earlier this year.