NEW YORK (AP) -- British drugmaker AstraZeneca will buy cancer drug developer Spirogen for as much as $440 million, according to Auven Therapeutics, which owns Spirogen.
Auven said AstraZeneca PLC will pay $200 million in cash for Spirogen, and it could make another $240 million in payments if Spirogen's experimental drugs meet development milestones.
AstraZeneca's MedImmune business will also work with Auven's ADC Therapeutics business to study two potential antibody drug programs, and MedImmune and Auven will make $20 million equity investments in ADC Therapeutics.
Auven Therapeutics is a private equity company that invests in drug developers.
AstraZeneca's U.S.-traded shares lost 62 cents to $50.62 in Tuesday trading. The stock remains up about 7 percent since the start of the year.