Fusion Pharmaceuticals Inc., a Canadian company that focuses on cancer treatment, has agreed to be acquired by AstraZeneca for up to US$2.4 billion.
As part of the agreement, Fusion shareholders will get US$21 per share in cash, as well as an additional non-transferable contingent value right valued at $3 per share in cash, which will be paid upon reaching a specific regulatory milestone.
On Monday, Fusion's shares closed at US$10.64 on the Nasdaq market.
Fusion, headquartered in Hamilton, is dedicated to developing radioconjugates that are utilized to directly send radiation to cancer cells.
The acquisition is subject to standard closing conditions, including approval from shareholders.
The deal is projected to be finalized in the second quarter of 2024.
