AstraZeneca to Buy Gracell Biotechnologies for $1.2 Billion
December 26 2023 - 2:05AM
Dow Jones News
By P.R. Venkat
AstraZeneca has agreed to buy Gracell Biotechnologies for a
transaction value of $1.2 billion, as part of the former's efforts
to grow its cell therapies business.
The upfront cash portion of the deal is $1.0 billion, a 62.0%
premium to Gracell's last closing price for its American depository
shares of $6.19, AstraZeneca said in a statement Tuesday.
The deal's total value would reach $1.2 billion when combined
with potential contingent value payments.
The acquisition will help grow AstraZeneca's pipeline of cell
therapies for potential treatment of cancer and autoimmune
diseases.
The transaction is expected to close in the first quarter of
next year, AstraZeneca said. It will also acquire the cash, cash
equivalents and short-term investments on Gracell's balance sheet,
which totaled $234.1 million as of the end of September.
Following the deal, Gracell will operate as a wholly owned
subsidiary of AstraZeneca, with operations in China and the
U.S.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
December 26, 2023 02:50 ET (07:50 GMT)
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