(Hamilton) Canadian cancer treatment developer Fusion Pharmaceuticals has signed a deal to be purchased by AstraZeneca, valued at US$2.4 billion.
Under the terms of the agreement, Fusion shareholders will receive US$21 per share in cash, plus an additional non-transferable contingent value right worth US$3 per share in cash, payable upon reaching a specified regulatory step.
Fusion shares closed at US$10.64 on Monday on the NASDAQ market.
Fusion, a Hamilton-based company, focuses on the development of radioconjugates used to deliver radiation directly to cancer cells.
The acquisition is subject to customary closing conditions, including shareholder approval.
The deal is expected to be finalized in the second quarter of 2024.