Astra Boosts Push Into China Biotech Scene With $1.2 Billion Buy

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.

The latest deal, announced Tuesday, will enrich AstraZeneca’s pipeline with a so-called CAR-T therapy that modifies a patient’s own immune ...