AstraZeneca agreed to acquire biotechnology firm TeneoTwo Inc. in a deal worth up to $1.27 billion on Tuesday, in a move to bolster its roster of therapies to treat blood cancers.
At the heart of the deal is the U.S.-based company’s early-stage experimental treatment for a form of Non-Hodgkin’s lymphoma, a type of cancer that involves the growth of abnormal white blood cells that can lead to the emergence of tumors.
The Anglo-Swedish drugmaker—whose key blood cancer drug Calquence generated sales of more than $1.2 billion last year—plans to acquire all outstanding equity of TeneoTwo for an upfront payment of $100 million, with additional milestone-related payments of up to $1.17 billion….