AstraZeneca Unit Buys Biotech Co. Spirogen For $440M

Law360, Los Angeles (October 15, 2013, 8:05 PM EDT) -- MedImmune LLC, the global biologics research and development arm of British drugmaker AstraZeneca PLC, will acquire biotech company Spirogen Ltd. for up to $440 million in order to further its development of cancer treatment drugs, AstraZeneca announced Tuesday.

Through the deal, MedImmune will acquire 100 percent of Spirogen's shares for an initial consideration of $200 million and deferred consideration of up to $240 million based on reaching predetermined, unspecified development milestones, according to AstraZeneca. Spirogen has developed cancer drugs based on antibody-drug conjugates, which offer high...
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