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Clinical-stage oncology company Fusion Pharmaceuticals (NASDAQ:FUSN) which will be acquired by AstraZeneca (NASDAQ:AZN) for a price of $21.00 per share in cash at closing plus a non-transferable contingent value right of $3.00 per share in cash payable upon attainment of a specific regulatory stage.
The upfront cash portion of the consideration represents a transaction value of ~$2 billion, a 97% premium to Fusion’s closing market price of $10.64 on March 18, 2024, and an 85% premium to 30-day volume weighted average price of $11.37 prior to this announcement.
Together, the upfront payments and potential maximum contingent value represent, if achieved, a transaction value of ~$2.4 billion, a 126% premium to Fusion’s closing market price on March 18, 2024, and a premium of 111% versus 30-day VWAP.
The transaction is expected to close in the second quarter of 2024.
The acquisition brings AstraZeneca (AZN) new expertise and pioneering capabilities in actinium-based RC R&D, manufacturing and supply chain and strengthens presence in Canada.
The price of FUSN shares is up 0.01% and AZN is up 0.29% Tuesday during pre-market trading hours.