Fusion Pharmaceuticals Shares Soar Premarket on AstraZeneca Deal
By Colin Kellaher
Fusion Pharmaceuticals shares nearly doubled in premarket trading Tuesday after the clinical-stage oncology company agreed to be acquired by drug giant AstraZeneca for up to $2.4 billion.
AstraZeneca will pay an initial $21 a share for Fusion, a premium of more than 97% to Monday's closing price of $10.64 for the Hamilton, Ontario, company.
Fusion investors will also receive non-transferable contingent value rights tied to a regulatory milestone that are worth $3 a share, which could bring the total consideration to $24 a share.
Fusion shares were recently up 95% to $20.74 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 19, 2024 06:18 ET (10:18 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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