AstraZeneca announced on Monday that it had successfully completed the acquisition of Fusion Pharmaceuticals, a Canadian biopharmaceutical company specializing in the development of next-generation radio-conjugates.

In its press release, the group explains that the transaction is part of its strategy to offer cancer patients better-targeted treatments, instead of chemotherapy and radiotherapy.

Radio-conjugates or radioligands (RLTs) are innovative therapies currently under investigation, designed to bind specifically to over-expressed targets in tumors and cure difficult-to-treat cancers.

Under the terms of the transaction, Fusion will be delisted from the Nasdaq and become a wholly-owned subsidiary of AstraZeneca, with operations in both Canada and the USA.

The total acquisition price is estimated at some $2.4 billion.

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