AstraZeneca joins radiopharmaceutical deals spree with $2.4B buyout of Fusion
The deal is the third recent buyout of a radiopharmaceutical developer in recent months, following similar deals from Eli Lilly and Bristol Myers Squibb.
Excerpt from the Press Release:
AstraZeneca is the latest large pharmaceutical company to make a sizable bet on radiopharmaceutical drugs for cancer, agreeing on Tuesday to acquire longtime biotechnology partner Fusion Pharmaceuticals in a deal worth up to $2.4 billion.
AstraZeneca will acquire all of Fusion’s shares for $21 apiece, or about $2 billion. The British drugmaker could add another $3 per share via a financial instrument known as a “contingent value right” if Fusion meets an unspecified regulatory milestone. Should Fusion hit that mark, the buyout would be worth $2.4 billion.
AstraZeneca is paying a 97% premium for Fusion’s shares, which ended trading on Monday at $10.64 apiece.
The deal is the 11th biopharmaceutical buyout in 2024, adding to the sector’s fastest M&A start in at least six years, according to BioPharma Dive data. It’s also the third recent large transaction involving a maker of radiopharmaceuticals, following Eli Lilly’s $1.4 billion deal for Point Biopharma in October and Bristol Myers Squibb’s $4.1 billion takeout of RayzeBio in December.
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