AstraZeneca Accelerates Cancer Therapy with $1 Billion Acquisition of EsoBiotec

AstraZeneca has agreed to purchase Belgium-based EsoBiotec for up to $1 billion. The acquisition is aimed at enhancing AstraZeneca's cell therapy capabilities, with a focus on innovative cancer treatments that drastically reduce the time for therapy development.

Drugmaker AstraZeneca announced its decision to acquire biotechnology firm EsoBiotec for up to $1 billion, aiming to fast-track the development of its cell therapy capabilities primarily targeting cancer treatment.

The Belgium-based company, EsoBiotec, offers groundbreaking technology capable of genetically modifying immune cells directly within the human body, cutting down the process from weeks to mere minutes, according to AstraZeneca's statement on Monday. This acquisition underscores AstraZeneca's ongoing push to solidify its position in the field of transformative cell therapy treatments.

The deal signifies a substantial step for AstraZeneca in advancing its cancer therapies, which the company believes will redefine treatment timelines and provide a significant edge over traditional approaches in the competitive biotech sector.

(With inputs from agencies.)