AstraZeneca (AZN.US) is set to acquire Belgium's EsoBiotec for up to $1 billion, further strengthening its cancer business.

British pharmaceutical company AstraZeneca (AZN.US) has agreed to pay up to $1 billion for Belgium biotechnology company EsoBiotec to further strengthen its position in cancer treatment. The two companies announced on Monday that AstraZeneca will pay $425 million upfront and up to $575 million more as it hits research and regulatory milestones. EsoBiotec's platform has the potential to change cell therapy by enhancing the immune system's ability to attack cancer, AstraZeneca said. It uses targeted viruses to directly reprogram immune cells in the body, potentially shortening treatment times from weeks to minutes. EsoBiotec will become a subsidiary of AstraZeneca and will continue to operate in Belgium. The deal is expected to close in the second quarter. In another cancer deal announced on Monday, AstraZeneca agreed to a license agreement for multiple oncology assets from Alteogen Inc.