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MedImmune buys Amplimmune

The AstraZeneca unit MedImmune acquires US biotech company for up to $500 million.

Amplimmune is based in Maryland and focuses on developing novel therapeutics in cancer immunology. According to AstraZeneca, the acquisition will bolster MedImmune’s oncology pipeline by obtaining multiple early-stage assets for its immune-mediated cancer therapy (IMT-C) portfolio, including AMP-514, an anti-programmed cell death 1 (PD-1) monoclonal antibody (mAb). AMP-514 is currently in late-stage pre-clinical development with the aim of an investigational new drug (IND) filing before the end of 2013.

Under the terms of the agreement, MedImmune will acquire 100 per cent of Amplimmune’s shares for an initial consideration of $225 million and deferred consideration of up to $275 million based on reaching predetermined development milestones.

The proposed transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2013.