AstraZeneca buys therapy firm Neogene for £266m in latest bid to tackle cancer

AstraZeneca has bought cancer cell therapy company Neogene Therapeutics for $320m (£266m), in the company’s latest investment in its oncology offering.

The deal, which is set to close in the coming months, will see AstraZeneca pay $200m as cash in hand, and another $120m if Neogene meets certain milestones.

The British-Swedish pharmaceutical giant, behind one of the world’s first Covid-19 vaccines, earlier this month had three new cancer drugs recommended for approval in the European Union as it shifts efforts away from tackling the pandemic.

Susan Galbraith, executive vice president of AstraZeneca’s oncology research and development (R&D), said the acquisition was a “unique opportunity” to tackle cancer, fusing T-cell receptor biology and cell therapy manufacturing together with its internal oncology cell therapy team.

“Neogene’s leading TCR discovery capabilities and extensive manufacturing experience complement the cell therapy capability we have built over the last three years and allow us to accelerate the development of potentially curative cell therapies for the benefit of patients.”