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Fusion Pharmaceuticals Inks Manufacturing Deal with McMaster University
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Fusion Pharmaceuticals Inks Manufacturing Deal with McMaster University

Fusion Pharmaceuticals (FUSN) has teamed up with McMaster University to set up a radiopharmaceutical manufacturing facility in Hamilton. The arrangement involves a 15-year lease agreement with the university. The university will be responsible for building the facility while Fusion will take care of equipping and validating it.

The parties are working on getting the plant operating by early 2024. The facility will offer 27,000 square feet of space and be current Good Manufacturing Practice (GMP) compliant.

“We will continue to prioritize manufacturing and supply chain infrastructure in our long-term plans, and this facility is an important milestone in executing those plans,” commented Fusion CEO John Valliant.

The facility will be located near Fusion’s internal research center and the university. Fusion notes that McMaster University specializes in medical isotope research and believes the collaboration will enable it to both hire top talents and efficiently advance its drug pipeline. 

Fusion has tapped its long-term partner, the Centre for Probe Development and Commercialization (CPDC), to help with the validation of the new manufacturing facility. 

Fusion’s lead program is currently in Phase 1 clinical study. In addition to its programs, Fusion has collaborated with AstraZeneca (AZN) and Merck (MRK) to find cancer cures. (See Fusion Pharmaceuticals stock analysis on TipRanks)

Morgan Stanley analyst Matthew Harrison recently reiterated a Buy rating but lowered the price target to $20 from $21 on Fusion stock. The analyst’s new price target implies 145.40% upside potential.

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