AstraZeneca plc (NASDAQ:AZN) announced on Tuesday that it will acquire Fusion Pharmaceuticals Inc. for $21 per share or a total of approximately $2 billion, “a 97% premium to Fusion’s closing market price of $10.64 on 18th March 2024” in order to enhance its oncology portfolio.

“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,” AstraZeneca Executive Vice President, Oncology R&D Susan Galbraith said.

The transaction is expected to be completed in the second quarter of 2024, with Fusion becoming a wholly-owned subsidiary of AstraZeneca while maintaining its operations in the United States and Canada.