Canadian cancer treatment developer Fusion Pharmaceuticals Inc. has signed a deal to be bought by AstraZeneca in an agreement valued at up to US$2.4 billion.
Under the terms of the deal, Fusion shareholders will receive US$21 per share in cash plus an additional non-transferable contingent value right worth $3 per share in cash that is payable upon the achievement of a specified regulatory milestone.
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Fusion shares closed at US$10.64 on the Nasdaq market on Monday.
Fusion, based in Hamilton, is focused on developing radioconjugates which are used to deliver radiation directly to cancer cells.
The acquisition is subject to customary closing conditions, including shareholder approval.
The deal is expected to close in the second quarter of 2024.
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