AstraZeneca to buy US-listed Fusion Pharma for $2bn

AstraZeneca said it had agreed to buy biopharmaceutical company Fusion Pharmaceuticals for up to $2bn.

Fusion specialises in radioconjugates, which combine the precise targeting of antibodies, small molecules or peptides with potent medical radioisotopes to deliver radiation directly to cancer cells.

AstraZeneca will pay $21 a share for Fusion, a premium of more than 97% to the US-listed company's closing price on Monday and a non-transferable contingent value right of $3 per share, taking the combined transaction value to about $2.4bn.

Reporting by Frank Prenesti for Sharecast.com