By Ian Walker

AstraZeneca PLC said Tuesday that it is buying biotechnology company Neogene Therapeutics Inc. for up to $320 million.

The pharmaceutical giant said it will pay an initial sum of $200 million upon the deal closing, which is expected in the first quarter of next year. The rest of the money is dependent upon certain milestones being met.

The deal doesn't impact the company's financial guidance for the current year, the company said.

"This acquisition represents a unique opportunity to bring innovative science and leading experts in T-cell receptor biology and cell therapy manufacturing together with our internal oncology cell therapy team, unlocking new ways to target cancer," said Susan Galbraith, Astra's Executive Vice President, Oncology R&D.

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

(END) Dow Jones Newswires

November 29, 2022 02:38 ET (07:38 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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