Fusion Pharmaceuticals Inc.’s stock
FUSN,
was up by 5.3% in premarket trading on Wednesday, as analysts at Oppenheimer highlighted the company as a potential merger target. Fusion Pharmaceuticals “is potentially the sole remaining clinical-stage, targeted radiopharm player with a robust supply chain,” analysts said in a research note on Wednesday. Bristol Meyers Squibb Co.
BMY,
announced plans Tuesday to acquire Rayze Bio Inc.
RYZB,
for $4.1 billion. Meanwhile Eli Lilly & Co.’s
LLY,
$1.4 billion acquisition of Point Biopharma Global Inc.
PNT,
is expected to close on Wednesday. Oppenheimer reiterated an outperform rating on Fusion Pharmaceuticals and said the company is the “last available target to serve as a foundation for a large-pharma to build a presence in targeted radiopharmaceuticals.”