FACIT-seeded Fusion Pharmaceuticals acquired for up to US$2.4B by AstraZeneca

Acquisition cements high-tech jobs in Hamilton and reaffirms Ontario First commercialization

FACIT features and Fusion Pharmaceuticals logo

March 20, 2024 – FACIT’s portfolio company Fusion Pharmaceuticals (FUSN:Nasdaq; “Fusion”) is being acquired by AstraZeneca (AZN:LON) for a total transaction value of up to $2.4 billion, reflecting US$21/share plus additional earnouts. Congratulations to the team at Fusion for building value over the last decade that will have a lasting impact on patients with cancer and the Ontario economy. Fusion is a next generation radiopharmaceutical company with development expertise in radioconjugate therapies with roots at McMaster University. It was spun out of the Centre for Probe Development and Commercialization (CPDC), an organization supported by FACIT’s strategic translational research partner, the Ontario Institute for Cancer Research (OICR).

FACIT was the first investor in Fusion in 2014 and supported the company with a series of investments up until the year 2020 and prior to its Nasdaq IPO. FACIT also supported the then emerging company with an executive-in-residence to help guide commercial strategy. Further, a series of FACIT leaders served on the company’s Board of Directors during its expansion in Hamilton. FACIT’s Ontario First model of commercialization leverages investment capital to further build industrial roots in the province and maximize the value of taxpayer-supported cancer research and intellectual property (IP).

”Support in the early years from FACIT and OICR were critical to getting our start and building the company in Ontario,” remarked John Valliant, PhD, CEO of Fusion. “These types of investments and this particular model help bolster commercialization and growth of the Ontario life sciences ecosystem.”

The acquisition will create a legacy of highly skilled jobs, capital and resources to create value in the development of IP and innovations in Ontario. Fusion will maintain operations in Hamilton, which strengthens AstraZeneca’s presence and commitment to Canada. In return, the acquisition provides AstraZeneca with cutting edge targeted, radioconjugate therapies for cancer. The lead actinium candidate in Phase II targeting prostate-specific membrane antigen (PSMA) will continue development alongside expertise, pioneering R&D, manufacturing and supply chain capabilities in actinium-based radioconjugates.

The hard work by Fusion’s employees will have an impact not only for patients with cancer but also the Hamilton biotechnology community. Future generations of Ontario entrepreneurs and recipients of seed capital from FACIT’s investment programs will be the beneficiaries of the virtuous cycle of this unique model for Ontario First commercialization. As the province considers dedicating investment capital to Ontario IP in life sciences, this case study exemplifies the value and importance of building upon success.

Read Fusion’s news release here.

About FACIT        
FACIT is an award-winning commercialization venture firm that builds companies with entrepreneurs to accelerate oncology innovation, with a portfolio that has attracted more than $1.6 billion in investment to Ontario. Blending industry experience, capital and the unsurpassed clinician-scientist network of its strategic partner the Ontario Institute for Cancer Research (OICR), FACIT capitalizes on the province’s investment in research and healthcare to the benefit of the local economy and patients worldwide. Cancer Breakthroughs. Realized. facit.ca


FACIT actively manages our diverse portfolio of Ontario oncology assets (including therapeutics, imaging, diagnostics, and technology platforms) that span all stages of commercialization, from proof-of-concept to clinical development.



With critical seed funding, FACIT makes it possible for Ontario’s best cancer research discoveries to compete globally and reach patients.