HQ Team
June 5, 2024: AstraZeneca announced the completion of the acquisition of Fusion Pharmaceuticals Inc., a clinical-stage biopharmaceutical company, for $2.4 billion.
Fusion makes radioconjugates which replace traditional regimens like chemotherapy and radiotherapy with more targeted treatments.
AstraZeneca acquired all of Fusion’s outstanding shares for $21.00 per share in cash through a subsidiary
Further, it may pay a non-transferable contingent value right of $3.00 per share after a specified regulatory milestone before August 31, 2029.
Delisting of shares
“Fusion shares will be delisted from the Nasdaq Stock Market and deregistered under the US Securities Exchange Act of 1934 and Fusion has applied to cease to be a reporting issuer under applicable Canadian securities law,” according to an AstraZeneca statement.
This acquisition will add to AstraZeneca’s leading oncology portfolio with Fusion’s pipeline of radio conjugates, including their most advanced programme, FPI-2265, a potential new treatment for patients with metastatic castration-resistant prostate cancer.
It will also strengthen AstraZeneca’s commitment to Canada, according to the statement. Fusion is now a wholly owned subsidiary of AstraZeneca, with operations in Canada and the US.
Direct to cancer cells
Radioconjugates have emerged as a promising modality in cancer treatment over recent years.
These medicines deliver a radioactive isotope directly to cancer cells through precise targeting using molecules such as antibodies, peptides or small molecules.
This approach has many potential advantages compared to traditional radiotherapy including minimising damage to healthy cells and enabling access to tumours unreachable through external beam radiation.
“Between thirty and fifty per cent of patients with cancer today 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,” said Susan Galbraith, Executive Vice President, of Oncology R&D, AstraZeneca said in March.
Prostrate cancer
“Together with Fusion, we have an opportunity to accelerate the development of FPI-2265 as a potential new treatment for prostate cancer, and to harness their innovative actinium-based platform to develop radioconjugates as foundational regimens.”
The investigational FPI-2265 currently is in its mid-trial stage. Earlier in March, AstraZeneca agreed to buy Amolyt Pharma for $1.05 billion to shore up its rare disease portfolio.
