AstraZeneca to Acquire Fusion Pharmaceuticals for $21 per Share

Fusion Pharmaceuticals Inc. has received approval for a statutory plan of arrangement under the Canada Business Corporations Act, allowing a subsidiary of AstraZeneca to acquire all issued and outstanding shares of Fusion. Shareholders will receive $21.00 per share in cash upfront, as well as a deferred payment of $3.00 per share upon the achievement of a future regulatory milestone. The transaction is expected to be completed in the second quarter of 2024, after which Fusion's common shares will be delisted from NASDAQ.

The approval comes after Fusion shareholders voted in favor of the arrangement at a special meeting on May 29, 2024. This development marks a significant step in the company's journey towards its acquisition by AstraZeneca, subject to customary closing conditions.

Fusion Pharmaceuticals is a clinical-stage oncology company specializing in developing next-generation radioconjugates (RCs) as precision medicines. The company's lead program, FPI-2265, targets PSMA for mCRPC, and it also has novel RCs targeting solid tumors in its clinical-stage development portfolio.

The acquisition by AstraZeneca represents a strategic move for both companies, as Fusion connects alpha particle emitting isotopes to targeting molecules to selectively deliver the alpha emitting payloads to tumors. Following the completion of the arrangement, Fusion's common shares will be delisted from NASDAQ.

This development signifies a key milestone in Fusion Pharmaceuticals' journey, and it sets the stage for the company's integration into AstraZeneca's operations, further advancing its clinical-stage development portfolio. Today the company's shares have moved 0.2% to a price of $21.52. For the full picture, make sure to review Fusion Pharmaceuticals's 8-K report.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.