Jefferies analyst Andrew Tsai downgraded Fusion Pharmaceuticals (FUSN) to Hold from Buy with a price target of $21, up from $10, after AstraZeneca (AZN) announced it will acquire Fusion and the company’s radiopharma platform for $21 per share in cash upfront plus another $3 per share CVR upon the acceptance of an NDA filing by Aug 2029, which the firm says “seems probable.” The firm foresees “no real surprises” and thinks the deal closes in Q2 of 2024.
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