HARP - AstraZeneca sends T-cell engagers higher after TeneoTwo acquisition

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 ) in a deal expected to close in H2 2022 to form a combined entity, trading under the ticker symbol “SYRS.”

“We believe the increasing pace of M&A in 2022 highlights the depressed valuations, attractive oncology assets and potentially positive data catalysts,” Bloomberg reported quoting Barclays analyst Peter Lawson who commented on the transactions.

“....continued M&A will help improve biotech sentiment and help drive upside to the biotech sector.”

Read: Why Seeking Alpha contributor The Macro Teller is bullish on healthcare as a whole and biotech in particular.

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