Proactive Investors - AstraZeneca PLC (LON:AZN) is acquiring clinical-stage oncology group Fusion Pharmaceuticals in a $2.4 billion (£1.9 billion) deal.
The offer represents a massive 126% premium to Nasdaq-listed Fusion’s Monday closing price.
Fusion “will complement AstraZeneca (NASDAQ:AZN)'s leading oncology portfolio with the addition of the Fusion pipeline of RCs, including their most advanced programme, FPI-2265”, AstraZeneca said in a statement.
Susan Galbraith, executive vice president of Oncology R&D at AstraZeneca, commented: "Between thirty and fifty per cent of patients with cancer today receive radiotherapy at some point during treatment, and the acquisition of Fusion furthers our ambition to transform this aspect of care with next-generation radioconjugates.
“Together with Fusion, we have an opportunity to accelerate the development of FPI-2265 as a potential new treatment for prostate cancer, and to harness their innovative actinium-based platform to develop radioconjugates as foundational regimens."
FTSE 100 poised to open lower
The blue-chip index is expected to open 11 points lower at 7,717 when markets open on Tuesday, according to FTSE 100 futures.
It follows a lightly negative trading session on Monday, when the FTSE 100 closed four points lower.
Like yesterday, there will be little to move the dial on the macroeconomic front, barring a 20-year gilt auction in the mid morning.
Markets are instead looking to tomorrow’s year-on-year inflation print, which is forecasted to fall back to 3.5%.
On the company news front, Close Brothers Group and Litigation Capital Management will soon publish their interims, with finals from Trustpilot Group, Wickes and The Pebble Group also on the way.