AstraZeneca announced on March 19 that it entered into a definitive agreement to acquire Fusion Pharmaceuticals Inc., based in Hamilton, Canada. Fusion will become a wholly owned subsidiary of AstraZeneca, with operations continuing in Canada and the United States.
The upfront cash portion of the consideration represents a transaction value of approximately $2 billion. Combined, the upfront and maximum potential contingent value payments represent, if achieved, a transaction value of approximately $2.4 billion.
Fusion Pharmaceuticals is a clinical-stage biopharmaceutical company developing next-generation radioconjugates (RC). Fusion’s clinical-stage development portfolio includes its lead program, FPI-2265, targeting prostate-specific membrane antigen for metastatic castration-resistant prostate cancer and novel RCs targeting solid tumors. According to its most recent financial report, Fusion Pharmaceuticals had a revenue of approximately $2.2 million in the twelve months ending September 30, 2023.
AstraZeneca engages in the research, development and manufacture of pharmaceutical products. AstraZeneca focuses on prescription medicines in the areas of infection, cardiovascular, metabolic, respiratory, inflammation, autoimmune, oncology and neuroscience.
This acquisition complements AstraZeneca’s leading oncology portfolio with the addition of the Fusion pipeline of RCs. The acquisition brings new expertise and R&D, manufacturing and supply chain capabilities in actinium-based RCs to AstraZeneca. It also strengthens AstraZeneca’s presence in and commitment to Canada.
This transaction follows AstraZeneca’s recent $800 million acquisition of Amolyt Pharma, announced a week prior on March 14, 2024. Amolyt Pharma is a global, clinical-stage biopharmaceutical company specializing in the development of therapeutic peptides for rare endocrine and related diseases.
According to data captured in the LevinPro HC database, this acquisition marks the 41st Biotechnology transaction of 2024. There were 157 Biotechnology transactions announced during 2023, and 141 announced during 2022.
