By Colin Kellaher


Fusion Pharmaceuticals shares nearly doubled in premarket trading Tuesday after the clinical-stage oncology company agreed to be acquired by drug giant AstraZeneca for up to $2.4 billion.

AstraZeneca will pay an initial $21 a share for Fusion, a premium of more than 97% to Monday's closing price of $10.64 for the Hamilton, Ontario, company.

Fusion investors will also receive non-transferable contingent value rights tied to a regulatory milestone that are worth $3 a share, which could bring the total consideration to $24 a share.

Fusion shares were recently up 95% to $20.74 in premarket trading.


Write to Colin Kellaher at colin.kellaher@wsj.com


(END) Dow Jones Newswires

03-19-24 0618ET