AstraZeneca Boosts China Push With $1.2 Billion Purchase of Cancer Therapy Firm

(Bloomberg) — AstraZeneca Plc agreed to acquire Chinese cell therapy developer Gracell Biotechnologies Inc. for as much as $1.2 billion as the British drug giant steps up efforts to tap pharma innovations from China’s burgeoning biotech industry.

The acquisition builds on a run of deals in China for AstraZeneca, one of the most active western drugmakers in that country. Many of its other recent moves, including a foray into the market for weight-loss drugs, have involved licensing agreements rather than outright purchases.