05:13 PM EDT, 06/04/2024 (MT Newswires) -- Fusion Pharmaceuticals ( FUSN ) said late Tuesday its $2.4 billion acquisition by an AstraZeneca ( AZN ) subsidiary was completed.

The deal "marks a major step forward" in AstraZeneca's ( AZN ) ambition to transform cancer treatment by replacing traditional regimens of chemotherapy and radiotherapy with more targeted treatments, Fusion said.

The AstraZeneca ( AZN ) unit paid $21 a share in cash plus a non-transferable contingent value right of $3 a share in cash payable on achieving a specified regulatory milestone before Aug. 31, 2029, representing the transaction value of $2.4 billion, Fusion said.

AstraZeneca ( AZN ) acquired the cash, cash equivalents and short-term investments on Fusion's balance sheet, which totaled $211 million as of March 31.

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