AstraZeneca (NYSE:AZN) will soon be adding a new name to its list of assets. The company announced that its subsidiary, MedImmune, has agreed to acquire 100% of privately held Aplimmune. In the press release heralding the news, AstraZeneca described its acquisition-to-be as a "biologics company focused on developing novel therapeutics in cancer immunology."

The initial price of the deal is $225 million, with up to $275 million in addition if certain incentives are met.

AstraZeneca quoted MedImmune Executive Vice President Bahija Jallal as saying that her firm's "focus on harnessing the power of the patient's own immune system to fight cancer will be complemented by Amplimmune's innovative work in this area. It will allow us to strengthen our arsenal of potential cancer therapies."

AstraZeneca said the deal is expected to close in Q3 of this year.