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The British drugmaker's third acquisition this year gives it two experimental lung cancer drugs under FDA review that it hopes will support a franchise.

Co-founded by longtime Alnylam CEO John Maraganore, City has brought a clotting disorder drug into early human testing. An experimental therapy for Stargardt disease could soon follow.

Potentially worth up to $2.3 billion, the collaboration is a bet that drugs able to eliminate the “BTK” enzyme will prove superior to existing medicines that block its activity.