FMT:
AstraZeneca to buy Chinese cancer drug developer for US$1.2bil
The British drug giant boosts focus on potential blockbuster medical innovation following the obesity drug rush.
AstraZeneca agreed to acquire Shanghai’s Gracell Biotechnologies at US$2 per share, with an upfront cash payment of US$1 billion. (File pic)
LONDON: AstraZeneca Plc agreed to acquire Chinese cell therapy developer Gracell Biotechnologies Inc for as much as US$1.2 billion as the British drug giant bolsters its bets on medical innovation in the world’s second-biggest economy.
Under the agreement, Astra will acquire Shanghai-based Gracell for US$2 a share, amounting to an upfront cash payment of US$1 billion.
An additional share-purchase contingent on reaching certain regulatory milestones would eventually push the deal value to US$1.2 billion, the companies said in a statement Tuesday.
The acquisition will enrich Astra’s pipeline with a so-called CAR-T therapy that modifies a patient’s own immune cells to fight cancer.
One candidate that Gracell has been working on, dubbed GC012F, could be a potential treatment for blood cancers such as multiple myeloma and autoimmune diseases like lupus, according to the statement.
The deal came after Astra struck a deal in November with Chinese biotech Eccogene Inc to co-develop a weight loss pill, one of the hottest classes of medicine, as it seeks to contend with Novo Nordisk A/S and Eli Lilly & Co, two companies that have led the industry’s gold rush for obesity drugs.
While China is Astra’s second-largest market after the US, CEO Pascal Soriot has previously said the firm is keen to tap into the country’s medical innovation that’s prompted many pharmaceutical giants from developed nations to work with local drugmakers to co-develop promising drug candidates with blockbuster potential.
If Gracell is able to meet the required regulatory milestones, Astra’s offer price of equivalent to US$11.50 per American depositary share represents an 86% premium to Gracell’s closing price on Dec 22. Shares in Gracell are up almost 170% this year.
LONDON: AstraZeneca Plc agreed to acquire Chinese cell therapy developer Gracell Biotechnologies Inc for as much as US$1.2 billion as the British drug giant bolsters its bets on medical innovation in the world’s second-biggest economy.
Under the agreement, Astra will acquire Shanghai-based Gracell for US$2 a share, amounting to an upfront cash payment of US$1 billion.
An additional share-purchase contingent on reaching certain regulatory milestones would eventually push the deal value to US$1.2 billion, the companies said in a statement Tuesday.
The acquisition will enrich Astra’s pipeline with a so-called CAR-T therapy that modifies a patient’s own immune cells to fight cancer.
One candidate that Gracell has been working on, dubbed GC012F, could be a potential treatment for blood cancers such as multiple myeloma and autoimmune diseases like lupus, according to the statement.
The deal came after Astra struck a deal in November with Chinese biotech Eccogene Inc to co-develop a weight loss pill, one of the hottest classes of medicine, as it seeks to contend with Novo Nordisk A/S and Eli Lilly & Co, two companies that have led the industry’s gold rush for obesity drugs.
While China is Astra’s second-largest market after the US, CEO Pascal Soriot has previously said the firm is keen to tap into the country’s medical innovation that’s prompted many pharmaceutical giants from developed nations to work with local drugmakers to co-develop promising drug candidates with blockbuster potential.
If Gracell is able to meet the required regulatory milestones, Astra’s offer price of equivalent to US$11.50 per American depositary share represents an 86% premium to Gracell’s closing price on Dec 22. Shares in Gracell are up almost 170% this year.
I support cutting-edge Cancer research and therapies.
ReplyDeleteHowever, I find it amusing that that country which has spent a lot of propaganda energy demonising mRNA vaccines now wants to cash in on CAR-T genetic therapy-based cancer treatments that are far more invasive on the body's genes.
https://sciex.com/applications/pharma-and-biopharma/cell-and-gene-therapy-analysis/cell-therapy?campaign=20728425494&content=678921677413&keyword=car-t&device=m&matchtype=p&adgroupid=160352127492&adplacement=&utm_medium=cpc&utm_source=adwords&utm_term=R-S-U-global-apac-adwords-account&gclid=Cj0KCQiAkKqsBhC3ARIsAEEjuJhvPKdJdMSAo2v95z58jBHIOpdfZbjiwxBnKb1zd1fTkdZJXGnA_DUaAokIEALw_wcB
Wakakakaka…
DeleteKnow nothing fart on parade AGAIN!
Do more research papers on mRNA vaccines, CAR-T genetic therapy-based cancer treatments & gene invasive therapy before u fart!
Ooop….Do u know who owns sciex.com?
Danaher Corporation!
NEW YORK, July 19, 2023 a class action lawsuit has been filed against Danaher Corporation ("Danaher" or the "Company") (NYSE: DHR) and certain of its officers.
Case Details:
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) as the severity of the COVID-19 pandemic subsided, revenue growth associated with Danaher's COVID-19-related businesses was declining; (2) contrary to the Company's prior representations to investors, revenues associated with Danaher's non-COVID-19-related businesses were insufficient to compensate for the foregoing negative trend; (3) accordingly, Danaher overstated the Company's ability to sustain the growth it had experienced in 2020 and 2021; (4) as a result, it was unlikely that Danaher would be able to meet its 2023 revenue forecasts; and (5) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
Next time when u want to quote news, make very sure u know what u r talking!