Fusion Pharma surges on buyout deal from AstraZeneca

Fusion Pharmaceuticals

19/03/2024 15:45

(Updates)
    ** Shares of biotech co Fusion Pharmaceuticals  FUSN.O 
nearly double to a record high of $21.12, last up 97.3%
    ** Co to be acquired by AstraZeneca  AZN.L  for about $2
billion in cash, as AZN bets on next-generation cancer
treatments
    ** AZN will pay $21 per Fusion share, a premium of more than
97% to FUSN's closing price on Monday
     ** As part of the deal, AZN will gain access to FUSN's most
advanced program, FPI-2265, currently in a mid-stage trial to
treat patients with metastatic castration-resistant prostate
cancer
    ** AZN to also pay co a non-transferable contingent value
right of $3 per share, taking the combined transaction value to
about $2.4 bln
    ** "The deal has solid strategic logic, potentially allowing
Astra to combine its existing antibody portfolio with
radioconjugate payloads," - J.P.Morgan
    ** The transaction is expected to close in Q2 of 2024
    ** Including session moves, FUSN has risen over five-fold in
the last 12 months 

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))