The Anglo-Swedish pharmaceutical, whose flagship blood cancer medicine Calquence produced more than 1.2 billion USD in sales last year, intends to buy all outstanding ownership in TeneoTwo for a 100 million USD upfront payment, with future performance-related payments of up to 1.17 billion USD.

TNB-486, TeneoTwo's investigational medication, belongs to a class of bispecific antibodies designed to reroute the immune system to recognize and kill cancer cells. It is now being tested in a phase 1 trial in patients with B-cell non-lymphoma Hodgkin's who have had two or more prior lines of treatment. The purchase is scheduled to finalize in the third quarter of this year and has no impact on AstraZeneca's 2022 projection, according to the London-listed business. TeneoTwo Inc. was split out from Teneobio, which was purchased by Amgen last year.

Movement of AstraZeneca’s stocks in the last five years. (Source: Trading Economics)

Sources:

https://tradingeconomics.com/azn:us

https://www.investing.com/news/stock-market-news/astrazeneca-to-buy-oncology-firm-teneotwo-for-up-to-127-billion-2843913

https://www.euronews.com/next/2022/07/05/teneotwo-m-a-astrazeneca#:~:text=%2DAstraZeneca%20agreed%20to%20acquire%20biotechnology,therapies%20to%20treat%20blood%20cancers.

https://www.reuters.com/markets/deals/astrazeneca-buy-oncology-firm-teneotwo-up-127-bln-2022-07-05/

https://www.foxbusiness.com/markets/astrazeneca-buy-biotech-firm-teneotwo