Biotech firm EUSA Pharma based on the Oxford Science Park has snapped up a major American rival.
The company has paid £11.2m for Cytogen which specialises in the treatment of cancer and pain control.
EUSA Pharma has raised £24.7m to cover the cost of the takeover and to fund further investments.
Chief executive Bryan Morton said: "Cytogen's products and US infrastructure are the ideal complement to our business, offering us the opportunity to commercialise a rapidly growing portfolio of medicines on both sides of the Atlantic."
The company employs aout 15 people in Oxford and about 130 worldwide. this is expected to grow to more than 200 with the acquisition of Cytogen.
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