(Reuters) -Drugmaker AstraZeneca said on Monday it will buy biotechnology firm EsoBiotec for up to $1 billion.

EsoBiotec's Engineered NanoBody Lentiviral (ENaBL) platform can genetically modify immune cells directly inside the body, allowing transformative cell therapy treatments in just minutes instead of the current process which takes weeks, AstraZeneca ( AZN ) said.

AstraZeneca ( AZN ) will buy all outstanding equity of EsoBiotec for on a cash and debt-free basis, which includes an initial payment of $425 million on deal closing, and up to $575 million in contingent consideration based on development and regulatory milestones.

The transaction is expected to close in the second quarter of 2025, and does not impact AstraZeneca's ( AZN ) financial guidance for 2025, the company said.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Mrigank Dhaniwala)