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news.AstraZeneca has come to an agreement to buy its biotechnology collaborator Cambridge Antibody Technology in a deal which values the company at GBP702 million, or $1.32 billion.
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The company said in a statement that the deal recognizes “the increasing importance of biotechnology in medical research” and that the company plans to establish itself as a “major international presence in the research and development of biological therapeutics.”
AstraZeneca already owns 19.2% of CAT which it acquired in 2004 as part of a collaboration deal. The Anglo-Swedish drug maker said that it would cost a further GBP567 million to purchase the remainder of the company.
CAT, based near Cambridge in the UK, is a leader in the development of human monoclonal antibody therapeutics.
Rheumatoid arthritis drug Humira, licensed to Abbott, is the first CAT-derived antibody to be approved for marketing. Abbott recently announced that the drug had achieved blockbuster status with sales of over $1 billion.