AstraZeneca sends T-cell engagers higher after TeneoTwo acquisition
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Companies focused on a class of drugs known as T-cell engagers are trading higher Tuesday after AstraZeneca (NASDAQ:AZN) announced an agreement to acquire the U.S.-based TeneoTwo for a total consideration of up to $1.3B.
The acquisition will further diversify its hematology pipeline Astra (AZN) said, noting the Phase 1 T-cell engager TNB-486 that TeneoTwo is advancing for relapsed and refractory B-cell non-Hodgkin lymphoma.
Notable gainers include Janux Therapeutics (JANX), CytomX Therapeutics (CTMX), MacroGenics (MGNX), and Harpoon Therapeutics (HARP).
Another deal buoyed the biotech space on Tuesday when Syros Pharmaceuticals (SYRS) agreed to merge with Tyme Technologies (TYME) to form a combined entity, trading under the ticker symbol âSYRS.â
âWe believe the increasing pace of M&A in 2022 highlights the depressed valuations, attractive oncology assets and potentially positive data catalysts,â Bloomberg reported quoting Barclays analyst Peter Lawson who commented on the transactions.
â....continued M&A will help improve biotech sentiment and help drive upside to the biotech sector.â
Read: Why Seeking Alpha contributor The Macro Teller is bullish on healthcare as a whole and biotech in particular.