Fusion Pharma gains on Bristol Myers-RayzeBio deal

POINT Biopharma Global

26/12/2023 19:27

** Biotech Fusion Pharmaceuticals'  FUSN.O  shares gain
19.2% to more than 1-1/2 year high of $8.14
    ** Bristol Myers Squibb  BMY.N  said it would buy RayzeBio
 RYZB.O  for about $4.1 billion to bolster its cancer drug
business, gaining a late-stage targeted radiopharma therapy,
RYZ101
    ** Similar to RYZB, FUSN is developing treatments that emit
high-energy radioactive particles to kill cancer through
"targeted alpha therapeutics"
    ** Brokerage RBC Capital Markets says the deal sends strong
signals of validation to alpha-emitter radiopharma
    ** BMY's move is a strong statement, citing
radiopharmaceutical therapeutics as an important next wave of
innovation in oncology therapy - RBC
   ** This represents the second large radiopharmaceutical deal
in late 2023 following Eli Lilly's  LLY.N  $1.4 billion buyout
of radiopharmaceutical firm Point Biopharma  PNT.O , which
brokerage says offers a positive read-through to established
companies in the space including FUSN
    ** FUSN shares have more than doubled YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com))