AstraZeneca PLC (LSE:AZN) entered into an agreement to acquire TeneoTwo, Inc. from TBio, LLC and others for $1.3 billion on July 5, 2022. The acquisition also includes TeneoTwo Phase I clinical-stage CD19/CD3 T-cell engager, TNB-486. AstraZeneca will acquire all outstanding equity of TeneoTwo in exchange for an upfront payment of $100 million on deal closing. Under the terms of the agreement, AstraZeneca will make additional contingent R&D-related milestone payments of up to $805 million and additional contingent commercial-related milestone payments of up to $360 million to TeneoTwo's equity holders. The transaction is subject to customary closing conditions and regulatory clearances. The transaction is expected to close in the third quarter of 2022. Michael Irvine and Craig Olshan of Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP acted as the legal advisor to TeneoTwo. Michael J. Riella, Amy L. Toro, Ansgar A. Simon, Robin Blaney, Michael K. Stern, William H. Woolston, Elizabeth H. Canter of Covington & Burling Llp acted as legal advisor to AstraZeneca.

AstraZeneca PLC (LSE:AZN) completed the acquisition of TeneoTwo, Inc. from TBio, LLC and others on August 11, 2022. This acquisition did not include the transfer of people or facilities.