AZ Acquires Chinese Cell Therapy Pharma Company for 1.6 Trillion KRW

Global pharmaceutical company AstraZeneca (AZ) is acquiring Gracell Biotechnologies, a Chinese cell therapy developer, for up to $1.2 billion (approximately 1.6 trillion KRW).

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On the 26th (local time), AZ announced that Gracell Biotechnologies, a Nasdaq-listed clinical-stage biopharmaceutical company, is developing innovative cell therapies.

According to AZ, Gracell Biotechnologies' candidate drug 'GC012F' has potential as a treatment for blood cancers and autoimmune diseases. AZ stated, "This acquisition will complement our existing capabilities and investments in cell therapy," adding, "AZ has established a strong position in the CAR-T (chimeric antigen receptor T-cell) therapy field targeting solid tumors."

AZ initially acquired $1 billion worth of shares in Gracell Biotechnologies and plans to purchase an additional $200 million in shares upon reaching certain regulatory milestones.