ASTRAZENECA has completed its $2bn (£1.5bn) acquisition of Canada-based Fusion Pharmaceuticals.

The deal was first announced in March for the business which develops socalled next-generation radioconjugates (RCs) - complex drugs which, when fully developed, can destroy existing cancer cells and target potential future ones.

Astrazeneca has acquired all of Fusion's outstanding shares for a price of $21 (£16.53) per share in cash at closing plus a non-transferable contingent value right of $3 (£2.30) per share in cash payable upon the achievement of an unspecified regulatory milestone.

It has also acquired the cash, cash equivalents, and short-term investments on Fusion's balance sheet, which totalled $234m (£184.2m) as of 31 December 2023. Fusion has now become a wholly owned subsidiary of Astrazeneca, with operations in Canada and the US.

Last month, Astrazeneca said it would invest £1.2bn to build a manufacturing facility in Singapore to produce antibody drug conjugates (ADCs), a nextgeneration cancer treatment.

(c) 2024 City A.M., source Newspaper