Drugmaker AstraZeneca said Tuesday that it would pay up to $440 million for Spirogen, a privately held biotech company that focuses on "antibody-drug conjugate" technology used in making cancer drugs.
AstraZeneca will pay $200 million up front and then $240 million more if Spirogen products reach development and commercial milestones.
United Kingdom-based AstraZeneca has facilities in Wilmington and Newark, Del. AstraZeneca made the deal through MedImmune, its global biologies research and development arm.
MedImmune also paid $20 million to enter into a collaboration agreement with ADC Therapeutics to develop two of that company's antibody-drug conjugate programs in preclinical development. MedImmune will also make an equity investment in ADC Therapeutics, which has a licensing agreement with Spirogen.