AstraZeneca has entered into an agreement to acquire Fusion Pharmaceuticals, aiming to expand its cancer treatment options through the development of radioconjugates.
The deal, with upfront and maximum potential value payments achieved, has a transaction value of approximately $2.4 billion. The transaction is scheduled to close in the second quarter of 2024, pending approval from Fusion's shareholders and regulatory bodies.
Included in the acquisition is the Canadian biotech's phase 2 treatment for metastatic castration-resistant prostate cancer, FPI-2265, as well as a clinical portfolio of other radioconjugate therapies. This acquisition also brings additional research, development and manufacturing capabilities to AstraZeneca, particularly in actinium-based radioconjugates.
Radioconjugates offer a more targeted approach to cancer treatment by delivering radioactive particles directly to tumor cells, which could potentially reduce harm to healthy tissues and target tumors unreachable by traditional radiation methods. The space, dominated by Novartis, has attracted growing attention from the pharma industry.
For AstraZeneca, the deal comes less than a week after the company's rare disease unit, Alexion, agreed to acquire France-based Amolyt Pharma, in a deal that could reach $1.05 billion.
