AstraZeneca locked the $320 million-worth deal with Neogene Therapeutics Inc., with the acquisition expected to be completed in the first quarter of the following year, the British pharmaceutical giant announced on Tuesday.

"This acquisition represents a unique opportunity to bring innovative science and leading experts in T-cell receptor biology and cell therapy manufacturing together with our internal oncology cell therapy team, unlocking new ways to target cancer," AstraZeneca's Executive Vice President Susan Galbraith said.

According to the report, Neogene will be an AstraZeneca wholly-owned subsidiary with offices in Amsterdam and California. The acquisition is pending customary closing conditions and regulatory approvals.