Benzinga - by Vandana Singh, Benzinga Editor.
With recent merger and acquisition deals in the targeted radiopharmaceutical therapy (TRT) space, on Tuesday, Oppenheimer noted that Fusion Pharmaceuticals Inc (NASDAQ: FUSN) is potentially the sole remaining clinical-stage player with a robust supply chain.
In September, Oppenheimer initiated coverage on Fusion Pharmaceuticals, citing the company's pipeline as among the best in the space with alpha-emitter-based targeted radionuclide therapies.
Most recently, Bristol Myers Squibb & Co (NYSE: BMY) has agreed to acquire RayzeBio Inc (NASDAQ: RYZB) for $62.50 per share in cash, for a total equity value of approximately $4.1 billion, or $3.6 billion net of estimated cash acquired.
On Wednesday, Eli Lilly And Co (NYSE: LLY) completed the acquisition of POINT Biopharma Global Inc (NASDAQ: PNT) for $12.50 per share in cash, an aggregate of approximately $1.4 billion.
These transactions indicate that Fusion stands as the final feasible option, poised to serve as a cornerstone for a major pharmaceutical company aiming to establish a significant presence in targeted radiopharmaceuticals.
The analyst writes that Fusion stands out as the sole TRT player engaged in a productive therapeutic partnership with AstraZeneca Plc (NASDAQ: AZN), which was announced in 2020.
The collaboration concentrates on advancing AstraZeneca and Fusion candidates as targeted radiotherapies, with a profit-sharing agreement between the partnering entities.
The partnership could potentially position AstraZeneca favorably for future acquisition opportunities.
Raymond James upgraded Fusion Pharmaceuticals from Outperform to a Strong Buy, with a price target of $15, up from $12.
Price Action: FUSN shares are up 11.4% at $8.88 on the last check Wednesday.
Latest Ratings for FUSN
| Aug 2021 | B. Riley Securities | Initiates Coverage On | Buy | |
| Aug 2021 | Morgan Stanley | Maintains | Overweight | |
| May 2021 | Morgan Stanley | Maintains | Overweight |
View the Latest Analyst Ratings
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