Fusion Pharmaceuticals Acquisition, Valuation, Funding & Investors

Fusion Pharmaceuticals was acquired by AstraZeneca for $2.4B in March 2024.

Fusion Pharmaceuticals acquisition price

$2.4B

Acquired by AstraZeneca · Mar 2024

Cumulative funding Fusion Pharmaceuticals raised

$171M

across 4 funding rounds

Key investors in Fusion Pharmaceuticals

  • TPG
  • HealthCap
  • Genesys Capital
  • Johnson & Johnson Innovation
  • Adams Street Partners
  • Seroba Life Sciences
  • Varian
  • FACIT.com

Fusion Pharmaceuticals Overview

About Fusion Pharmaceuticals

Fusion Pharmaceuticals is a Hamilton-based clinical-stage radiopharmaceutical company spun out from the Centre for Probe Development and Commercialization in 2018. The firm develops targeted alpha therapies like FPX-01 for solid tumors, linking actinium-225 to antibodies for precise cancer cell destruction. With Phase 1 trials ongoing for prostate and lung cancers, Fusion partners with AstraZeneca, which acquired it in 2024 for $2.4 billion. Its platform optimizes isotopes for imaging and therapy.


Founded

2014

HQ

CanadaCanada

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$2.4B (acquired Mar 2024)

Fusion Pharmaceuticals Acquisition

Fusion Pharmaceuticals was acquired by AstraZeneca for $2.4B on 19 March 2024.

Before the acquisition Fusion Pharmaceuticals had raised $171M across 4 funding rounds.

Fusion Pharmaceuticals acquisition details
AcquirerDateTypePrice
19 Mar 2024Strategic M&A$2.4B

Fusion Pharmaceuticals Funding History

Fusion Pharmaceuticals has raised a total of $171M across 4 funding rounds.

Fusion Pharmaceuticals' first fundraising round was a $25M Series A in February 2017. The most recent completed round was a $20M undisclosed-stage round in January 2020.

Fusion Pharmaceuticals funding rounds

Fusion Pharmaceuticals funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2020Undisclosed stageCPP Investments (lead)$20MFusion Pharmaceuticals is a clinical-stage precision oncology company developing next-generation radiopharmaceuticals using its proprietary Fast-Clear linker technology to connect alpha particle emitting isotopes to antibodies and targeting molecules for selective tumor delivery. The company, based in Hamilton, ON and Boston, MA, focuses on targeted alpha therapeutics for solid tumors, with its lead asset FPI-1434 in Phase 1 trials as of January 2020. On January 13, 2020, Fusion announced a commitment of up to US$20 million from Canada Pension Plan Investment Board (CPPIB), adding to its prior US$105 million Series B round in April 2019 led by Varian and backed by investors including Johnson & Johnson Innovation – JJDC, OrbiMed, Perceptive Advisors, and others. Previous funding included a $46 million Series A in 2017 with a $21 million extension. The CPPIB investment, described across multiple sources as up to $20 million (sometimes noted as $19.9 million), was intended to expand the Fast-Clear platform through new partnerships and targeting molecules, and to advance FPI-1434 in its Phase 1 trial for advanced refractory solid tumors. Fusion's technology originates from research at McMaster University’s Centre for Probe Development and Commercialisation. Later in June 2020, Fusion went public with an IPO of 12,500,000 shares at $17.00 per share, raising gross proceeds of $212.5 million before expenses.
Apr 2019Series BOrbiMed (lead); Varian (lead); Adams Street Partners; HealthCap; Rock Springs Capital; FACIT; TPG; Pivotal bioVenture Partners; Seroba Life Sciences; Johnson & Johnson Innovation; Perceptive Advisors; Genesys Capital$105MFusion Pharmaceuticals, a clinical-stage biopharmaceutical company spun out from McMaster University, develops targeted alpha-particle radiotherapeutics for treating chemotherapy-resistant cancers. Its lead product candidate, [225Ac]-FPI-1434, combines antibodies with alpha-particle emitting isotopes like Actinium-225 to precisely target and eradicate cancer cells across multiple tumor types. The company, based in Hamilton, Ontario, and Boston, MA, focuses on advancing its platform through proprietary linker technology, protein discovery, in-licensing, and strategic partnerships. On April 2, 2019, Fusion closed an oversubscribed $105 million Series B financing round led by OrbiMed Advisors and Varian Medical Systems. Participating investors included new backers Perceptive Advisors, Pivotal bioVenture Partners, and Rock Springs Capital, alongside existing investors such as HealthCap, Adams Street Partners, Johnson & Johnson Innovation – JJDC, TPG Biotech, Seroba Life Sciences, Genesys Capital, and FACIT. This followed a $25 million Series A in 2017 and preceded a $26 million raise in 2020 from the Canada Pension Plan Investment Board. Proceeds from the Series B were allocated to expand Fusion's clinical program in targeted alpha therapeutics, accelerate its pipeline of radiopharmaceuticals, and pursue combination therapy strategies. The financing enabled team expansion and implementation of clinical and partnering strategies around FPI-1434. New board members included Deepak Khuntia from Varian, Heather Preston from Pivotal bioVenture Partners, and Chau Khuong from OrbiMed. Fusion's technology aims to deliver potent, localized radiation to tumors while sparing healthy tissue, addressing resistant cancers. Investors highlighted the platform's scientific promise, broad applicability, and potential for personalized therapies. Later developments included a NASDAQ IPO and acquisition by AstraZeneca in 2024 for up to $2.4 billion, with $2 billion upfront at $21 per share plus contingent value rights, building on prior collaborations.
Sep 2017Series AAdams Street Partners; FACIT.com; HealthCap; TPG; Varian; Seroba Life Sciences; Johnson & Johnson Innovation; Genesys Capital$21MFusion Pharmaceuticals is a clinical-stage oncology company developing next-generation radiopharmaceuticals, specifically targeted alpha therapies (TATs) using a proprietary Fast-Clear linker technology to deliver alpha particle payloads to tumors selectively. The company originated from research at McMaster University’s Centre for Probe Development and Commercialisation. Its lead candidate, FPI-1434, targets IGF-1R expressing solid tumors and was preparing for Phase 1 trials around 2017-2020. In 2017, Fusion closed a $46 million Series A round led by Johnson & Johnson Innovation – JJDC, with participation from HealthCap, Genesys Capital, FACIT, and TPG Biotech, followed by a $21 million extension from Varian, Adams Street Partners, and Seroba Life Sciences, matching the queried investors and approximate date. This brought total Series A funding to $67 million. The funds supported advancement of radiotherapy-based candidates, strategic partnerships, and licensing. Subsequent funding included a $105 million Series B in April 2019 led by Varian, with Nan Fung’s Pivotal BioVenture Partners, Johnson & Johnson Innovation – JJDC, FACIT, OrbiMed, Perceptive Advisors, Rock Springs Capital, HealthCap, Adams Street Partners, TPG Biotech, Seroba Life Sciences, and Genesys Capital. In January 2020, Canada Pension Plan Investment Board pledged up to $20 million. Later milestones included a $212.5 million IPO in June 2020 at $17 per share (NASDAQ: FUSN), generating gross proceeds before expenses. In March 2024, AstraZeneca agreed to acquire Fusion for $2 billion upfront cash ($21 per share) plus a $3 per share CVR (total potential $2.4 billion), including $234 million in cash equivalents as of December 31, 2023, validating its radioconjugate platform.
Feb 2017Series AJohnson & Johnson Development Corporation (lead); FACIT.com; HealthCap; TPG; Genesys Capital$25MFusion Pharmaceuticals, a spin-out from the Centre for Probe Development and Commercialization (CPDC) in Hamilton, Ontario, Canada, focuses on becoming a leader in targeted alpha therapy for oncology. The company exploits expertise in linking medical isotopes to targeting molecules to create therapeutics like its lead program FPX-01 and builds a pipeline through a protein discovery platform for biomarker localization of alpha-emitting isotopes. FACIT provided seed funding and corporate leadership to launch Fusion and attract larger investors. On February 23, 2017, Fusion closed a US$25M Series A financing led by Johnson & Johnson Innovation – JJDC, Inc., with new investors HealthCap, TPG Biotechnology Partners, and Genesys Capital, plus founding investor FACIT. A second closing on September 25, 2017, brought the total Series A to US$46M, adding Adams Street Partners, Seroba Life Sciences, and Varian Medical Systems Inc., along with existing investors TPG Biotech and FACIT. Later, Fusion raised a $125M Series B co-led by Varian and OrbiMed, had $67M in cash as of March 31, 2020, went public in 2020 at $17 per share, and was acquired by AstraZeneca in 2024 for up to $2.4B.

Who has invested in Fusion Pharmaceuticals?

15 investors have backed Fusion Pharmaceuticals across its funding rounds, including TPG, HealthCap, Genesys Capital, Johnson & Johnson Innovation, Adams Street Partners and Seroba Life Sciences.

Lead investors include CPP Investments, OrbiMed, Varian and Johnson & Johnson Development Corporation.


Fusion Pharmaceuticals Investors

Investors in Fusion Pharmaceuticals by funding rounds participated
InvestorHQRoundsRoleFirst check
HealthCapSwedenStockholm3ParticipantFeb 2017
TPGUnited StatesSan Francisco, CA3ParticipantFeb 2017
Genesys CapitalCanadaToronto3ParticipantFeb 2017
Adams Street PartnersUnited StatesChicago, IL2ParticipantSep 2017
FACIT.comSwedenStockholm2ParticipantFeb 2017
VarianUnited StatesSan Francisco, CA2LeadSep 2017
Seroba Life SciencesIrelandDublin2ParticipantSep 2017
Johnson & Johnson InnovationUnited StatesUnited States2ParticipantSep 2017
Johnson & Johnson Development CorporationUnited StatesNew Brunswick, NJ1LeadFeb 2017
CPP InvestmentsCanadaToronto1LeadJan 2020
Rock Springs CapitalUnited StatesBaltimore, MD1ParticipantApr 2019
FACITCanadaCanada1ParticipantApr 2019
OrbiMedUnited StatesNew York City, NY1LeadApr 2019

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Fusion Pharmaceuticals Competitors

Fusion Pharmaceuticals competitors include listed companies like Bausch Health and Bavarian Nordic, and private ones like ArsenalBio, BioRay Pharmaceuticals, Rakuten Medical and Biomat USA.

Public and private companies comparable to Fusion Pharmaceuticals
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Bausch HealthCanadaCanadaPublicly listed$10B$3.1B$2.1B2.1x
ArsenalBioUnited StatesUnited StatesPrivate--$1.9B-
BioRay PharmaceuticalsChinaShanghaiPrivate$131M-$1.9B14.5x
Rakuten MedicalUnited StatesSan Diego, CAPrivate--$1.7B-
Biomat USAUnited StatesLos Angeles, CAPrivate--$4.2B-
Bavarian NordicDenmarkDenmarkPublicly listed$961M$383M$2.4B2.2x

Fusion Pharmaceuticals Public Comps

Fusion Pharmaceuticals is no longer listed, but its public comps include Bavarian Nordic, Double Medical Technology, Sinbon Electronics, ABL Bio, China Res Double-Crane, Nektar Therapeutics, Vera Therapeutics, Mineralys Therapeutics, SELLAS Life Sciences and Granules India.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Bavarian Nordic$961M$383M2.1x2.2x5.2x6.7x
Double Medical Technology$388M$126M5.6x5.1x17.3x16.0x
Sinbon Electronics$974M$141M2.4x2.2x16.5x17.1x
ABL Bio$58M($27M)39.6x32.0x(86.3x)(45.8x)
China Res Double-Crane$1.6B$404M1.4x1.4x5.8x6.0x
Nektar Therapeutics$55M($139M)31.3x37.8x(12.5x)(8.2x)
Vera Therapeutics-($316M)-115.4x(6.5x)(4.8x)
Mineralys Therapeutics-($171M)--(10.6x)(5.7x)

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Common questions about Fusion Pharmaceuticals

When was Fusion Pharmaceuticals founded?Fusion Pharmaceuticals was founded in 2014.
Where is Fusion Pharmaceuticals headquartered?Fusion Pharmaceuticals is headquartered in Canada.
Is Fusion Pharmaceuticals publicly listed?No, Fusion Pharmaceuticals was acquired by AstraZeneca in March 2024.
Who acquired Fusion Pharmaceuticals?Fusion Pharmaceuticals was acquired by AstraZeneca in March 2024.
How much was Fusion Pharmaceuticals acquired for?Fusion Pharmaceuticals was acquired for $2.4B in March 2024.
How much funding has Fusion Pharmaceuticals raised?Fusion Pharmaceuticals has raised $171M across 4 funding rounds.
What was Fusion Pharmaceuticals' last funding round?Fusion Pharmaceuticals' last funding round was a $20M undisclosed-stage round in January 2020, led by CPP Investments.
Who are Fusion Pharmaceuticals' investors?Fusion Pharmaceuticals' investors include HealthCap, TPG, Genesys Capital, Adams Street Partners, FACIT.com, Varian, Seroba Life Sciences, Johnson & Johnson Innovation, Johnson & Johnson Development Corporation, CPP Investments and 5 others.
Which companies are comparable to Fusion Pharmaceuticals?Companies comparable to Fusion Pharmaceuticals include Bausch Health, ArsenalBio, BioRay Pharmaceuticals, Rakuten Medical, Biomat USA and Bavarian Nordic.

See companies similar to Fusion Pharmaceuticals

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