British-Swedish pharma AstraZeneca to acquire Canadian biotech firm Fusion for $2.4B

By Anadolu staff

ISTANBUL (AA) - British-Swedish pharmaceutical firm AstraZeneca is planning to acquire the Canadian biopharmaceutical firm Fusion to advance its treatment for prostate cancer, the firm announced on Tuesday.

The deal comprised an upfront cash payment of $21 per share, and a contingent value right of $3 per share after reaching a specified regulatory milestone, valuing the transaction at approximately $2.4 billion.

AstraZeneca aims to transform cancer treatment by developing more targeted therapies and relying less on traditional treatments, such as chemotherapy and radiotherapy.

The acquisition includes the addition of the Fusion pipeline of radioconjugates (RCs).

“By seeking out cancer cells, RCs provide a more precise mechanism of cancer cell killing compared with traditional radiation therapy, with the goal of improving efficacy while minimizing toxicity on healthy cells,” said the firm.

“Together with Fusion, we have an opportunity to accelerate the development of … a potential new treatment for prostate cancer,” said Susan Galbraith, executive vice president of AstraZeneca.

At the end of the acquisition, Fusion will become a subsidiary of AstraZeneca operating in Canada and the US.