One day, two AstraZeneca deals
AstraZeneca expanded the footprint of its biologics arm MedImmune on Tuesday with two announcements: first, that it purchased Spirogen, a private biotech, for $440 million, and second that it joined up with ADC Therapeutics to develop two antibody drug conjugate (ADC) programs.
The ADC deal involves trading $20 million for an equity investment in ADC along with milestone payments. The linkage between the two deals is that Auven Therapeutics is the majority stakeholder in both ADC and Spirogen.
The deals follow AZ's August acquisition of Amplimmune as part of an expansive oncology push.