Leerink downgraded Fusion Pharmaceuticals (FUSN) to Market Perform from Outperform with a price target of $21, up from $17, after AstraZeneca (AZN) announced plans to acquire the company for $21/share in cash plus a contingent value right of $3/share. Overall, the firm sees the deal as a positive for Fusion and the radiopharma space broadly and believes the deal fairly values the potential for its lead program FPI-2265 as well as the company’s robust radiopharma R&D and manufacturing infrastructure.
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