AstraZeneca will pay $2.4 billion for oncology drug developer Fusion

AstraZeneca (AZ) agreed on the purchase of the biopharmaceutical company Fusion Pharmaceuticals, which is developing a new generation of radioconjugates used in the treatment of cancer.

Under the terms of the deal, AZ will pay $21 for each Fusion share. The premium to the market price of the Canadian company’s shares will be 97%. In addition, AZ will pay an additional $3 for each Fusion share if certain conditions are met, the press release noted. Thus, the total amount of the transaction could reach $2.4 billion. The parties hope to close the deal in the second quarter of the year.

This is not AstraZeneca’s first major purchase in recent months. Thus, last week the Anglo-Swedish company announced the purchase of Amolyt Pharma, which is developing drugs for the treatment of rare endocrine diseases, for $1.05 billion. In December, AZ agreed to purchase Gracell Biotechnologies for $1.2 billion and Icosavax for $1.1 billion. Last July, the company also announced that its Alexion division had entered into agreement on the purchase of a portfolio of preclinical gene therapy programs and technologies from the American company Pfizer. Alexion will pay up to $1 billion for this portfolio of assets.

For more information about why AstraZeneca is not saying goodbye to Russia, read material “Kommersant”.

Kirill Sarkhanyants