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- Fusion Pharmaceuticals
Fusion Pharmaceuticals Acquisition, Valuation, Funding & Investors
Fusion Pharmaceuticals was acquired by AstraZeneca for $2.4B in June 2024.
Cumulative funding Fusion Pharmaceuticals raised
$171M
across 4 funding rounds
Key investors in Fusion Pharmaceuticals
TPG
Johnson & Johnson Innovation
HealthCap
Genesys Capital
Adams Street Partners
Seroba Life Sciences
Varian
FACIT.com
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. Fusion’s Fast-Clear linker platform was designed to deliver alpha-emitting isotopes to tumors while reducing radiation exposure to healthy tissue. The company served oncology patients through clinical programs and pharmaceutical collaborations rather than commercial product sales during its independent period. It raised venture capital and completed a Nasdaq initial public offering before AstraZeneca bought the company. AstraZeneca completed the acquisition in June 2024 and integrated Fusion’s Hamilton, Ontario operations into its oncology research network.
Founded
2014
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$2.4B (acquired Jun 2024)
Fusion Pharmaceuticals Acquisition
Fusion Pharmaceuticals was acquired by AstraZeneca for $2.4B on 4 June 2024.
Before the acquisition Fusion Pharmaceuticals had raised $171M across 4 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 4 Jun 2024 | Strategic M&A | $2.4B |
Sources: astrazeneca.com
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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2020 | Undisclosed stage | CPP Investments (lead) | $20M | Fusion 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 2019 | Series B | OrbiMed (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 | $105M | Fusion 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 2017 | Series A | Adams Street Partners; FACIT.com; HealthCap; TPG; Varian; Seroba Life Sciences; Johnson & Johnson Innovation; Genesys Capital | $21M | Fusion Pharmaceuticals completed the second close of its Series A financing in September 2017, raising a further USD 21 million and bringing the round to USD 46 million. New investors Adams Street Partners, Seroba Life Sciences and Varian joined existing backers FACIT, Genesys Capital, HealthCap, Johnson & Johnson Innovation (JJDC) and TPG Biotech. Terry Gould of Adams Street Partners and Alan O'Connell of Seroba Life Sciences joined the board with the closing. The company said it would use the proceeds to accelerate clinical development of its lead radiotherapeutic program, expand its pipeline through in-licensing and form new strategic partnerships. Fusion is a clinical-stage oncology company based in Hamilton, Ontario, developing targeted alpha therapies that pair alpha-particle emitting isotopes with tumor-targeting molecules, using a proprietary linker technology. The company originated from research at McMaster University's Centre for Probe Development and Commercialization. It later listed on NASDAQ in June 2020 and agreed in March 2024 to be acquired by AstraZeneca. |
| Feb 2017 | Series A | Johnson & Johnson Innovation (lead); FACIT.com; HealthCap; TPG; Genesys Capital | $25M | Fusion 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?
14 investors have backed Fusion Pharmaceuticals across its funding rounds, including TPG, Johnson & Johnson Innovation, HealthCap, Genesys Capital, Adams Street Partners and Seroba Life Sciences.
Lead investors include CPP Investments, OrbiMed, Varian and Johnson & Johnson Innovation.
Fusion Pharmaceuticals Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Feb 2017 | ||
| 3 | Participant | Feb 2017 | ||
| 3 | Lead | Feb 2017 | ||
| 3 | Participant | Feb 2017 | ||
| 2 | Participant | Sep 2017 | ||
| 2 | Participant | Feb 2017 | ||
| 2 | Lead | Sep 2017 | ||
| 2 | Participant | Sep 2017 | ||
| 1 | Lead | Jan 2020 | ||
| 1 | Participant | Apr 2019 | ||
| 1 | Participant | Apr 2019 | ||
| 1 | Lead | Apr 2019 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialFusion Pharmaceuticals Competitors
Fusion Pharmaceuticals competitors include listed companies like Jafron Biomedical and Buchang Pharma, and private ones like ArsenalBio, BioRay Pharmaceuticals, Rakuten Medical and Biomat USA.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $302M | $123M | $2.5B | 7.1x | ||
| Private | - | - | $1.9B | - | ||
| Private | $131M | - | $1.9B | 14.5x | ||
| Private | - | - | $1.7B | - | ||
| Private | - | - | $4.2B | - | ||
| Publicly listed | $1.8B | $174M | $2.4B | - |
Fusion Pharmaceuticals Public Comps
Fusion Pharmaceuticals is no longer listed, but its public comps include Buchang Pharma, Pharvaris, Elekta, UFP Technologies, Celldex Therapeutics, Jafron Biomedical, MBX Biosciences, Granules India, Zealand Pharma and China Resources Double-Crane.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.8B | $174M | 1.5x | - | 15.1x | - | |||
| - | ($202M) | - | - | (10.2x) | (9.7x) | |||
| $1.7B | $136M | 1.7x | 1.6x | 20.8x | 9.3x | |||
| $603M | $112M | 4.1x | 3.8x | 21.9x | 18.5x | |||
| $2M | ($255M) | 1104.0x | 1302.8x | (6.7x) | (5.4x) | |||
| $302M | $123M | 7.4x | 7.1x | 18.1x | 15.3x | |||
| - | ($98M) | - | - | (21.0x) | (13.5x) | |||
| $567M | $122M | 4.0x | 3.6x | 18.7x | 16.0x | |||
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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 June 2024. |
| Who acquired Fusion Pharmaceuticals? | Fusion Pharmaceuticals was acquired by AstraZeneca in June 2024. |
| How much was Fusion Pharmaceuticals acquired for? | Fusion Pharmaceuticals was acquired for $2.4B in June 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, Johnson & Johnson Innovation, Genesys Capital, Adams Street Partners, FACIT.com, Varian, Seroba Life Sciences, CPP Investments, Rock Springs Capital and 4 others. |
| Which companies are comparable to Fusion Pharmaceuticals? | Companies comparable to Fusion Pharmaceuticals include Jafron Biomedical, ArsenalBio, BioRay Pharmaceuticals, Rakuten Medical, Biomat USA and Buchang Pharma. |
See companies similar to Fusion Pharmaceuticals
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