Pharma

AstraZeneca to buy Fusion Pharma for $2.4bn

Deal marks a return to Astra chief Pascal Soriot’s core focus on oncology

The agreement is the latest in a string of bolt-on sized deals for Astra, which earlier this month agreed to buy Amolyt Pharma, a French company focused on developing treatments for rare endocrine diseases. Picture: Getty

AstraZeneca has agreed to buy Fusion Pharmaceuticals for as much as $2.4 billion (€2.2 billion) as European drugmakers continue their spree of deals of promising biotech companies.

The UK-based drug company said it 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 per cent to Fusion’s closing price on Monday.

Fusion is ...