AstraZeneca to Acquire TeneoTwo for Up to $1.27 Billion to Strengthen Hematologic Cancer Pipeline

Intelligent Finance APP learned that AstraZeneca (AZN.US) announced on Tuesday that it would acquire TeneoTwo for up to $1.27 billion to strengthen its hematology oncology pipeline. The deal also includes TNB-486, a phase I clinical-stage drug from TeneoTwo, which is currently under evaluation for its effect on relapsed and refractory B-cell non-Hodgkin lymphoma.

Data shows that TeneoTwo was spun off from Teneobio, a clinical-stage biotechnology company acquired by Amgen last year. AstraZeneca stated that it has agreed to pay an upfront fee of $100 million to purchase all outstanding equity of TeneoTwo upon completion of the transaction, along with milestone-related payments of up to $1.17 billion. The company noted that the deal is expected to close in the third quarter of this year and will not affect its 2022 financial guidance.