AstraZeneca said on Tuesday it will buy clinical-stage biopharmaceutical company Fusion Pharmaceuticals Inc for about $2 billion in cash as the Anglo-Swedish drugmaker bets on next-generation cancer treatments.
The drugmaker will pay $21 per Fusion share, a premium of more than 97% to the U.S.-listed company's closing price on Monday.
Fusion is developing "next-generation" radioconjugates (RCs) to treat cancer.
RCs deliver a radioactive isotope directly to cancer cells through precise targeting using molecules and have emerged as a promising modality in cancer treatment over recent years, AstraZeneca said.
Radiotherapy and chemotherapy have been the mainstays of cancer treatment for decades.
Persons:
AstraZeneca, Susan Galbraith
Organizations:
Fusion Pharmaceuticals Inc, Amolyt Pharma, AstraZeneca, Fusion, Oncology, U.S . Food, Drug Administration, FDA
Locations:
Swedish, U.S, radioconjugates