(Alliance News) - AstraZeneca PLC on Wednesday said it successfully completed the acquisition of Boston, Massachusetts-based Fusion Pharmaceuticals Inc.

The Cambridge, England-based pharmaceutical company back in March had announced the agreement to purchase the clinical-staged biopharmaceutical firm developing next-generation radioconjugates for oncological use.

AstraZeneca paid USD21.00 per share for Nasdaq-listed Fusion. A further USD3.00 per share cash payment is due following the achievement of specified regulatory milestones prior to August 31, 2029.

The purchase price represented a 97% premium to Fusion's closing market price of USD10.64 each on March 18 in New York prior to the announcement.

The total cost will be USD2.4 billion if all milestones are achieved.

Shares in Fusion will be de-listed from Nasdaq as the company becomes a wholly owned subsidiary of AstraZeneca, operating across Canada and the US.

AstraZeneca shares were up 0.5% to 12,463.62 pence each in London on Wednesday morning.

By Elijah Dale, Alliance News reporter

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