Fusion Pharmaceuticals Announces Collaboration with AstraZeneca to Develop and Commercialize Next-Generation Radiopharmaceuticals and Combination Therapies

Collaboration Combines Fusion's Targeted Alpha Therapies (TATs) Platform with AstraZeneca's Antibody and Oncology Portfolio to Create Novel Cancer Therapies

HAMILTON, Canada and BOSTON, MA, USA I November 2, 2020 I Fusion Pharmaceuticals Inc. (Nasdaq: FUSN), a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals as precision medicines, today announced a collaboration with AstraZeneca (LSE/STO/Nasdaq: AZN) to develop and commercialize next-generation alpha-emitting radiopharmaceuticals and combination therapies for the treatment of cancer.

The collaboration leverages Fusion's Targeted Alpha Therapies (TATs) platform and expertise in radiopharmaceuticals with AstraZeneca's leading portfolio of antibodies and cancer therapeutics, including DNA Damage Response Inhibitors (DDRis).

Under the terms of the agreement, the companies will discover, develop and commercialize novel TATs, which will utilize Fusion's Fast-Clear™ linker technology platform with antibodies in AstraZeneca's oncology portfolio. In addition, the companies will exclusively explore certain specified combination strategies between TATs (including Fusion's lead candidate FPI-1434) and AstraZeneca therapeutics, for the treatment of various cancers. Both companies will retain full rights to their respective assets.

"This collaboration represents a true partnership that combines the expertise and intellectual property of each collaborator," said Fusion Pharmaceuticals Chief Executive Officer John Valliant, Ph.D. "The agreement will allow us to leverage Fusion's platform and AstraZeneca's industry-leading antibody portfolio, creating new therapies with shared rights on new TATs, while allowing Fusion to retain full ownership of our existing programs. We are excited about AstraZeneca's long-term commitment to our collaboration, including significant support for exploring combination therapies. We believe it is evidence of the growing interest in the use of molecularly-targeted radiation as a next-generation cancer therapy."

"Radiopharmaceuticals are a promising area of exploration in oncology, with the potential to deliver radiation therapy selectively to tumors. With this collaboration, we will seek to identify synergies between our pipelines to unlock the full potential of our medicines, and also to develop novel targeted radiopharmaceuticals," said Susan Galbraith, Ph.D., Senior Vice President and Head of Research and Early Development, Oncology R&D, AstraZeneca. "We believe that the Fusion team's expertise in next-generation radiopharmaceuticals complements AstraZeneca's extensive research and development portfolio."

Collaboration Terms

The agreement includes an upfront payment from AstraZeneca, as well as future development milestone and other payments.

Co-Development and Potential Co-Commercialization of Novel TATs

Under the terms of the agreement, Fusion and AstraZeneca will jointly discover, develop and have the option to co-commercialize novel TATs in the United States. The novel TATs will leverage Fusion's Fast-Clear linker technology to bind the alpha-emitting isotope Actinium-225 to antibodies in AstraZeneca's oncology portfolio. Fusion will be responsible for preclinical development through first-time-in-human studies, while AstraZeneca will be responsible for subsequent clinical development. For these novel TATs, the companies will share development costs equally through clinical development. Fusion will have co-promotion rights in the United States and AstraZeneca will have commercialization rights in the rest of the world, unless otherwise agreed. Both companies will have a 50/50 profit and loss share on a worldwide basis.

Development of Combination Therapies with Fusion and AstraZeneca Products

The companies will also evaluate potential combination strategies involving existing assets in their respective portfolios. Fusion will conduct preclinical development. AstraZeneca will conduct and fund clinical development of the combination therapies. Each company retains all rights to their respective assets.

Fusion Conference Call Information

Fusion will host a live conference call and webcast today beginning at 8:30 a.m. ET to discuss the collaboration agreement. To access the live call, please dial 1-877-870-4263 (domestic) or 1-412-317-0790 (international) and refer to the Fusion Pharmaceuticals event. A webcast of the conference call will be available under "Events and Presentations" in the Investors & Media section of Fusion's website at https://ir.fusionpharma.com/overview. The archived webcast will be available on Fusion's website shortly after the conclusion and will be available for 90 days following the event.

About Fusion

Fusion Pharmaceuticals is a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals as precision medicines. Employing a proprietary Fast-Clear linker technology, Fusion connects alpha particle emitting isotopes to antibodies and other targeting molecules in order to selectively deliver the alpha emitting payloads to tumors. Fusion's lead program, FPI-1434, is currently in a Phase 1 clinical trial.

About AstraZeneca

AstraZeneca (LSE/STO/Nasdaq: AZN) is a global, science-led biopharmaceutical company that focuses on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of diseases in three therapy areas - Oncology, Cardiovascular, Renal & Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. Please visit astrazeneca.com and follow the Company on Twitter @AstraZeneca.

SOURCE: Fusion Pharmaceuticals

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