Trending: Astrazeneca Aims to Accelerate Cancer Treatment Development With $2.4 Billion Fusion Deal
09:42 ET -- AstraZeneca is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. AstraZeneca said Tuesday it would acquire its longtime partner, Fusion Pharmaceuticals, for up to $2.4 billion as part of a plan to accelerate the development of next-generation cancer treatments. AstraZeneca will pay an initial $21 a share for Fusion, with an extra $3 nontransferable contingent value right upon a specified regulatory milestone. The initial price is a 97% premium to Fusion's closing market price of $10.64 on Monday. Following the deal announcement, Fusion's stock nearly doubled, hitting a record high. Dow Jones & Co. owns Factiva.(zaeem.shoaib@wsj.com)
(END) Dow Jones Newswires
March 19, 2024 09:58 ET (13:58 GMT)
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