AstraZeneca to Pay Inovio Up to $700 Million for Cancer Drug
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AstraZeneca Plc agreed to pay Inovio Pharmaceuticals Inc. as much as $727.5 million for rights to an experimental cancer vaccine, its third deal in a week to secure access to new tumor-fighting drugs.
AstraZeneca’s Medimmune unit will pay Plymouth Meeting, Pennsylvania-based Inovio $27.5 million up front and as much as $700 million if its medicine, which targets cancers caused by the human papillomavirus, reaches certain development and commercial milestones, the London-based company said in a statement.