(CercleFinance.com) – AstraZeneca announced on Tuesday that it would take control of the Canadian company Fusion Pharmaceuticals, specializing in precision cancer drugs, in a transaction worth up to $2.4 billion.
Through this acquisition, the Anglo-Swedish biopharmaceutical giant explains that it wants to accelerate the replacement of traditional anticancer treatments such as chemotherapy or radiotherapy with more targeted therapies.
Fusion, a biotech created in 2017 still at the clinical stage, is dedicated to the development of next generation radiopharmaceutical products.
Its proprietary platform connects alpha-emitting isotopes to antibodies and other targeted molecules by focusing the destructive power of radiation inside the tumor.
In detail, AstraZeneca will offer $21 per share in cash to shareholders of Fusion Pharmaceuticals, which is listed on the Nasdaq, to compare with a closing price of $10.6 last night.
The amount of the operation, estimated at two billion dollars, could reach 2.4 billion taking into account the payment of an additional sum of three dollars per share, in the event of achievement of certain regulatory objectives.
The acquisition is expected to be completed by the end of June.
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