(Sharecast News) – AstraZeneca on Wednesday said it was buying Gracell Biotechnologies, a global clinical-stage biopharmaceutical company developing cell therapies for the treatment of cancer and autoimmune diseases, for $1.2bn.
Under the terms of the deal, AstraZeneca will acquire all of Gracell’s shares at $2 per share in cash, plus a non-tradable contingent value right of $0.30 per ordinary share payable upon achievement of a specified regulatory milestone.
The upfront cash portion represents a 62% premium to Gracell’s closing market price on December 22, 2023.
Reporting by Frank Prenesti for Sharecast.com
