LONDON — AstraZeneca said Tuesday it would acquire Fusion Pharmaceuticals in a deal worth more than $2 billion, picking up a company focused on the booming area of targeted radiation therapies for cancer.
AstraZeneca will pay $2 billion in cash upfront for Fusion, a price that at $21 a share is nearly double Fusion’s closing share price on Monday. If certain regulatory milestones are met, AstraZeneca will pay another $3 a share, or roughly $400 million.
Fusion specializes in developing radiopharmaceuticals, also known as radioconjugates or radioligands, which deliver radiation directly to tumors, guided by particular markers on cancer cells. The aim is not only to minimize the risk of damaging surrounding, healthy tissue, but also to reach tumors that traditional radiation can’t.