AstraZeneca to buy Fusion Pharma for $2 billion in cash (updated)

Fusion Pharmaceuticals

19/03/2024 07:22

(Adds background on deal and Fusion throughout)
       March 19 (Reuters) - AstraZeneca  AZN.L  said on Tuesday
it will buy clinical-stage biopharmaceutical company Fusion
Pharmaceuticals Inc  FUSN.O  for about $2 billion in cash to
boost its oncology portfolio.
    The drugmaker will pay $21 per Fusion share, a premium of
more than 97% to the U.S.-listed company's closing price on
Monday.  
    AstraZeneca will also pay a non-transferable contingent
value right of $3 per share, taking the combined transaction
value to about $2.4 billion.
    Fusion, which is developing "next-generation"
radioconjugates (RCs) to treat cancer, will become a
wholly-owned subsidiary of AstraZeneca, with operations
continuing in Canada and the U.S., it said.
    RCs have emerged as a promising modality in cancer treatment
over recent years, AstraZeneca said.

 (Reporting by Yadarisa Shabong in Bengaluru; Editing by Savio
D'Souza and Mrigank Dhaniwala)
 ((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))