AstraZeneca has struck a $170 million deal with Innate Pharma that will bolster its cancer drug pipeline as the London-based drug giant pivots toward a future in oncology.
AstraZeneca will obtain full ownership of monalizumab, a drug that has shown potential in treating head and neck cancer in clinical trials. In addition, the drugmaker will have access to a second cancer drug made by Innate, called IPH5201. The deal also gives AstraZeneca authority to license four other medicines in early stage development at Innate. Those drugs have not been selected.
The Innate deal bolsters AstraZeneca's immunotherapy pipeline. Immunotherapy drugs work by helping the body's immune system target cancer cells.
As part of the deal, AstraZeneca will take a 9.8 percent stake in Innate Pharma.
"Our expanded collaboration with Innate Pharma enables us to further strengthen our leadership in immuno-oncology, and to explore the potential of next-generation immuno-oncology pathways, together with the world-class scientific team of Innate," said Pascal Soriot, CEO of AstraZeneca.
In recent years, AstraZeneca has shifted its focus to cancer drug development as part of a broader strategy to double annual revenue to $40 billion by 2023.
Read the full news release here.