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AstraZeneca revealed on Tuesday, Dec. 26, that it will buy the China-based biopharmaceutical company Gracell Biotechnologies for up to $1.2 billion. The Anglo-Swedish multinational pharma and biotechnology firm is making this move to achieve its cell therapy ambitions.
According to Reuters, AstraZeneca is also aiming to use the acquisition of Gracell Biotechnologies to boost its presence in China, which is currently the second-largest pharmaceutical market in the world, further.
Payment Terms and Other Acquisition Arrangements
AstraZeneca and Gracell agreed to an all-cash deal for the acquisition. Once the buyout is completed, the former’s portfolio is set to expand with the addition of several experimental therapies.
AstraZeneca is buying the Chinese firm at $2 per ordinary share. This is also equivalent to $10 per American Depository Share of Gracell, which represents a premium of 61.6% based on its Dec. 22 closing.
Merging of Expertise to Achieve Growth and New Biotech Innovation
AstraZeneca and Gracell are looking to combine their respective expertise and resources to develop effective therapies for diseases. They also expect to find new ways of optimizing the therapeutic profile of engineered T cells and take the lead in the next generation of autologous cell therapies.
“The proposed acquisition of Gracell will complement AstraZeneca’s existing capabilities and previous investments in cell therapy, where we have established our presence in CAR-T and T-cell receptor therapies (TCR-Ts) in solid tumors,” AstraZeneca’s executive vice president of Oncology research and development, Susan Galbraith, said in a press release.
She further explained, “GC012F will accelerate our cell therapy strategy in hematology with the opportunity to bring a potential best-in-class treatment to patients living with blood cancers using a differentiated manufacturing process, as well as exploring the potential for cell therapy to reset the immune response in autoimmune diseases.”
Gracell Biotechnologies’ founder, chairman, and chief executive officer, Dr. William Cao, also commented, “We look forward to working with AstraZeneca to accelerate our shared goal of bringing transformative cell therapies to more patients living with debilitating diseases.”
Photo by: Declan Sun/Unsplash
