AstraZeneca, through a subsidiary, has completed the acquisition of all outstanding shares of Fusion as per the definitive agreement, German news agency DPA reported.

The acquisition was executed under a plan of arrangement, with each share priced at US$21 in cash at closing and an additional non-transferable contingent value right of US$3 per share in cash payable upon the attainment of a specified regulatory milestone before Aug 31st, 2029.

When considering the upfront payment and the maximum potential contingent value payment, the transaction denotes a combined value of about US$2.4 billion.

Within the scope of the transaction, AstraZeneca acquired the cash, cash equivalents, and short-term investments on Fusion’s balance sheet, comprising a total of US$211 million as of March 31, 2024.

As a result of the acquisition, Fusion has become a wholly-owned subsidiary of AstraZeneca, with operations in Canada and the US.

The Fusion shares are set to be delisted from the Nasdaq Stock Market and will be deregistered under the US Securities Exchange Act of 1934.

Fusion has also applied to cease being a reporting issuer under relevant Canadian securities laws.

This acquisition complements AstraZeneca’s oncology portfolio by adding the Fusion pipeline of RCs, which includes their most advanced programme, FPI-2265, a potential new treatment for patients with metastatic castration-resistant prostate cancer (mCRPC).

Furthermore, it brings new expertise and pioneering research and development, manufacturing, and supply chain capabilities in actinium-based RCs to AstraZeneca. Additionally, it reinforces AstraZeneca’s presence in and commitment to Canada.