Astra to Buy Fusion Pharma in Hunt for New Cancer Treatments

AstraZeneca Plcagreed to buy Fusion Pharmaceuticals Inc. for as much as $2.4 billion as European drugmakers snap up promising biotech companies.

The UK-based drugmaker will pay $21 a share for Fusion, or $2 billion in cash upfront, plus a further $400 million depending on milestones being achieved. The full amount equates to a premium of 126% to Fusion’s closing price on Monday.

Fusion is a biotech developing treatments that deliver radioactive isotopes directly to cancer cells in a targeted way, minimizing damage to healthy cells. Astra believes these radioconjugates can help redefine cancer therapy worldwide.

After a shift to ...