AstraZeneca to acquire EsoBiotec for $425M upfront

EsoBiotec announced it has entered into a definitive agreement to be acquired by AstraZeneca (AZN). The EsoBiotec Engineered NanoBody Lentiviral platform empowers the immune system to attack cancers and could offer many more patients access to transformative cell therapy treatments delivered in just minutes rather than the current process which takes weeks. ENaBL uses highly targeted lentiviruses to deliver genetic instructions to specific immune cells, such as T cells, which program them to recognize and destroy tumor cells for cancer treatment or autoreactive cells for potential use in immune-mediated diseases. This approach enables cell therapies to be administered through a simple IV injection and without the need for immune cell depletion. EsoBiotec will become a wholly owned subsidiary of AstraZeneca, with operations in Belgium. AstraZeneca will acquire all outstanding equity of EsoBiotec for a total consideration of up to $1B, on a cash and debt free basis. This will include an initial payment of $425M on deal closing, and up to $575M in contingent consideration based on development and regulatory milestones. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions and regulatory clearances.