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AstraZeneca is set to Purchase EsoBiotec for USD1 Billion
(MENAFN) AstraZeneca, the British and Swedish shared venture Pharmaceutical and biotech firm, reported on Monday that it has achieved a deal to purchase Belgium-based EsoBiotec for USD1 billion.
The purchase proposal, which has been accepted by EsoBiotec, includes an upfront payment of USD425 million for all of its shares. The deal is expected to close in the second quarter of this year, pending customary closing conditions and regulatory approvals.
"EsoBiotec will accelerate and expand the impact of our recent investments and marks a major step forward in realizing our ambition to harness the full potential of cell therapy," as stated by Susan Galbraith, AstraZeneca's executive vice president.
Jean-Pierre Latere, CEO of EsoBiotec, expressed excitement about the collaboration: "We look forward to working with AstraZeneca, a global leader in drug development, to advance our shared goal of bringing transformative cost-effective cell therapies to more patients globally. By combining our expertise and resources, we can accelerate the development of our in vivo platform, which has a novel delivery technology we believe will have broad therapeutic applicability."
The purchase proposal, which has been accepted by EsoBiotec, includes an upfront payment of USD425 million for all of its shares. The deal is expected to close in the second quarter of this year, pending customary closing conditions and regulatory approvals.
"EsoBiotec will accelerate and expand the impact of our recent investments and marks a major step forward in realizing our ambition to harness the full potential of cell therapy," as stated by Susan Galbraith, AstraZeneca's executive vice president.
Jean-Pierre Latere, CEO of EsoBiotec, expressed excitement about the collaboration: "We look forward to working with AstraZeneca, a global leader in drug development, to advance our shared goal of bringing transformative cost-effective cell therapies to more patients globally. By combining our expertise and resources, we can accelerate the development of our in vivo platform, which has a novel delivery technology we believe will have broad therapeutic applicability."
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