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AstraZeneca
announced Tuesday it would acquire
Gracell Biotechnologies
in a deal valued at up to $1.2 billion.
Gracell is a Chinese biopharmaceutical company that focuses on cancer drug development.
AstraZeneca
said in a press release that it plans on buying the company to further its cell therapy ambitions.
“The proposed acquisition of Gracell will complement AstraZeneca’s existing capabilities and previous investments in cell therapy, where we have established our presence in CAR-T and T-cell receptor therapies (TCR-Ts) in solid tumours,” said Susan Galbraith, executive vice president of oncology R&D at AstraZeneca.
As a part of the deal, Gracell shareholders will receive $2 ordinary share —equivalent to $10 per American depositary share—in cash, as well as an additional share-purchase contingent value right of 30 cents a share. The transaction is expected to close in the first quarter of 2024, but is subject to regulatory conditions and Gracell shareholder approval.
American depositary receipts of Gracell were surging 61% in premarket trading Tuesday to $9.95. Coming into the session, the stock has jumped 169% this year.
American depositary receipts of AstraZeneca, which have declined 2.2% this year, were up 0.5% in premarket trading.
Write to Angela Palumbo at angela.palumbo@dowjones.com
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