By Ian Walker

 

AstraZeneca PLC said Tuesday that it is buying TeneoTwo, Inc. for up to $1.27 billion in a deal that strengthens its haematological cancer pipeline.

The pharmaceutical giant said it will make an upfront payment of $100 million upon closing of the deal. A further payment of up to $805 million will be made dependent upon research-and-development milestones being reached and extra payments of up to $360 million could be payable to TeneoTwo shareholders based upon commercial-related milestones.

Astra said the acquisition is expected to close in the third quarter of this year and that it doesn't impact financial guidance for the year.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

July 05, 2022 02:31 ET (06:31 GMT)

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