AstraZeneca to Buy Fusion Pharmaceuticals for Up to $2.4B as Firm Expands Cancer Pipeline

Core Insights - AstraZeneca Plc is set to acquire Fusion Pharmaceuticals Inc. for up to $2.4 billion, enhancing its treatment pipeline for advanced prostate cancer [2][5] Acquisition Details - The acquisition will involve an upfront payment of approximately$2 billion, equating to $21 per share, with an additional potential payment of around$400 million contingent on Fusion meeting specific milestones [3][5] Company Profiles - Fusion Pharmaceuticals, based in Ontario, specializes in next-generation radioconjugates (RCs) that target cancer cells with greater precision than traditional chemotherapy, thereby reducing damage to healthy cells [4] - Fusion's FPI-2265 treatment for advanced prostate cancer is currently in its second phase, with plans to advance to a Phase 3 trial next year [4][5] Market Reaction - Following the announcement, AstraZeneca's shares decreased by 0.3%, while Fusion's shares surged by 97% [5]