AstraZeneca Plc (AZN) on Tuesday said it will acquire biotech company Fusion Pharmaceuticals Inc. (FUSN) for up to $2.4 billion, expanding its pipeline of treatment for advanced prostate cancer.

The U.K.-based pharmaceutical company said it will acquire Fusion for approximately $2 billion, or $21 per share, and will pay the biotech firm roughly $400 million if Fusion meets specific milestones. AstraZeneca has been actively expanding, announcing last week that it is acquiring 澳洲幸运5官方开奖结果体彩网:Amolyt Pharma for $1.05 billion to improve its rare disease pipeline.

Ontario-based Fusion specializes in next-generation radioconjugates (RCs), which target and kill cancer cells with more precision than traditional chemotherapy, minimizing harm to healthy cells.

Fusion's FPI-2265 treatment for advanced prostate cancer is currently in its second phase. The 澳洲幸运5官方开奖结果体彩网:biotech company said in January it plans to advance the treatment to a 澳洲幸运5官方开奖结果体彩网:Phase 3 trial next year.

Susan Galbraith, AstꦐraZeneca's Executive Vice President, Oncology R&D, said the acquisition of Fusion Pharma represents an opportunity to “accelerate the development of FPI-2265 as a potential new treatmenꦓt for prostate cancer.” 

AstraZeneca shares ticked 0.3% lower around noon ET Tuesday, while Fusion shares soared 97%.