AstraZeneca completes $2.4 billion Fusion Pharmaceuticals purchase

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AstraZeneca PLC on Wednesday said it successfully completed the acquisition of Boston, Massachusetts-based Fusion Pharmaceuticals Inc.

The Cambridge, England-based pharmaceutical company back in March had announced the agreement to purchase the clinical-staged biopharmaceutical firm developing next-generation radioconjugates for oncological use.

AstraZeneca paid $21.00 per share for Nasdaq-listed Fusion. A further $3.00 per share cash payment is due following the achievement of specified regulatory milestones prior to August 31, 2029.

The purchase price represented a 97% premium to Fusion’s closing market price of $10.64 each on March 18 in New York prior to the announcement.

The total cost will be $2.4 billion if all milestones are achieved.

Shares in Fusion will be de-listed from Nasdaq as the company becomes a wholly owned subsidiary of AstraZeneca, operating across Canada and the US.

AstraZeneca shares were up 0.5% to 12,463.62 pence each in London on Wednesday morning.

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