Fusion to be acquired by AstraZeneca for up to $2.4 billion

We are pleased to announce that our portfolio company Fusion Pharmaceuticals Inc., (FUSN), is to be acquired for up to $2.4 billion by AstraZeneca.

Fusion, is a clinical-stage biopharmaceutical company, headquartered in Toronto, with an office in Boston, developing next-generation targeted radiopharmaceuticals. These compounds combine the potent cancer cell killing effects of a radioactive agent (actinium-225, alpha-emitter) with a targeting molecule that precisely delivers the radioisotope to cancer tissue. The aim is to develop safer, more effective next generation anti-cancer therapies.

The lead program FPI-2265, currently in Phase II clinical evaluation, is the most advanced actinium-based targeted radiopharmaceutical in development. It uses a small molecule to target prostate specific membrane antigen (PSMA) expressed in prostate cancer. The company also has a rich clinical and R&D pipeline, a proprietary actinium-225 supply chain and a fully operational manufacturing facility,

Seroba originally invested in Fusion during its Series A and supported the company through its Series B and listing on Nasdaq in June 2020.

Alan O’Connell, Partner at Seroba, who led the deal and spent time on the Fusion board said “We invested in Fusion after we had identified radiopharmaceuticals as a space with strong potential to deliver next generation oncology treatments.  We believed in Fusion’s alpha emitter technology and were impressed by John Valliant and the capabilities of the wider team, particularly the manufacturing expertise which we felt was key to success”.

“We are delighted with this outcome and the validation it brings to our original investment decision and we look forward to AstraZeneca bringing these products to patients.”

Deal Terms

Under the terms of the definitive agreement, AstraZeneca, through a subsidiary, will acquire all of Fusion’s outstanding shares for a price of $21.00 per share in cash at closing plus a non-transferable contingent value right (CVR) of $3.00 per share in cash payable upon the achievement of a specified regulatory milestone.

The upfront cash portion of the consideration represents a transaction value of approximately $2 billion, a 97% premium to Fusion’s closing market price of $10.64 on March 18, 2024, and an 85% premium to the 30-day volume-weighted average price (VWAP) of $11.37 before this announcement. Combined, the upfront and maximum potential contingent value payments represent, if achieved, a transaction value of approximately $2.4 billion, a 126% premium to Fusion’s closing market price on March 18, 2024. The deal is expected to close in Q2 2024.

About Seroba

Seroba is a European life sciences venture capital firm based in Dublin, Paris and Milan, investing from its fourth Fund. Seroba focuses on value creation through backing cutting-edge biotech and medtech innovation that will transform the treatment of patients, addressing unmet medical needs. The Seroba team has deep industry, operational and investing experience and an extensive global network. Seroba likes to work with entrepreneurs who share its passion for success and with investors who share the same goal of improving human health while driving financial returns.

Company contacts

Alan O’Connell



Maud Lazare

Partner and Head of Investor Relations


Subscribe to our Newsletter
* = required field