LONDON (Reuters) - British drugmaker AstraZeneca said on Tuesday its MedImmune unit would buy biotech company Spirogen for up to $440 million to bolster its oncology portfolio.
Privately held Spirogen focuses on antibody-drug conjugate technology, which has the potential to directly target cancer tumors while safeguarding healthy cells, AstraZeneca said.
AstraZeneca said it would pay an initial $200 million plus a further $240 million if Spirogen meets development targets. It will also pay $20 million to take an equity investment in ADC Therapeutics, which has a licensing agreement with Spirogen.
(Reporting by Paul Sandle; editing by Kate Holton)
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