AstraZeneca to pay $2B to buy radiopharmaceuticals partner

19 Mar 2024
firstwordpharma.com
AcquisitionPhase 2Radiation Therapy
AstraZeneca is making its first purchase in the radiopharmaceuticals space, forking out around $2 billion to buy Fusion Pharmaceuticals and its pipeline of assets based on actinium-225. The companies first joined forces in 2020 to develop next-generation alpha-emitting radiopharmaceuticals and combination therapies for the treatment of cancer.
Susan Galbraith, executive vice president of oncology R&D at AstraZeneca, said Tuesday that “between 30 and 50% of patients with cancer…receive radiotherapy at some point during treatment, and the acquisition of Fusion furthers our ambition to transform this aspect of care with next-generation radioconjugates.”
Fusion’s lead candidate, FPI-2265, is a radioconjugate targeting PSMA in Phase II development for metastatic castration-resistant prostate cancer.
AstraZeneca noted that along with new expertise and R&D, the purchase of Fusion will provide it with manufacturing and supply chain capabilities in actinium-based radioconjugates. Upon closing – which is expected in the second quarter - Fusion will become a wholly owned subsidiary of AstraZeneca, with operations continuing in Canada and the US.
Under the agreed terms, AstraZeneca will acquire all of Fusion’s outstanding stock for $21 per share in cash, representing a 97% premium to the closing price on March 18. The deal also includes a contingent value right of $3 per share in cash linked to a regulatory milestone, bringing the total value of the transaction to about $2.4 billion.
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