Research/Valuation, page-313

A reminder that Fusion was acquired for $2.4b USD less than 6 weeks ago;

https://www.astrazeneca.com/media-centre/press-releases/2024/astrazeneca-to-acquire-fusion.html

Thats A$3.7b & equivalent to a CU6 share price of just under $12, given the ~310m shares in issue

This is a great article on Fusion & what AstraZeneca are getting / reasons for buying; https://seekingalpha.com/article/4679167-what-astrazeneca-is-getting-through-the-acquisition-of-fusion-pharmaceuticals

Notable point;

"Interestingly, the acquisition comes just before the expected data readout from the TATCIST trial of Fusion’s lead asset FPI-2265 in April. It's just speculation on my part, but I believe it's more than likely that AstraZeneca saw these data and decided to pull the trigger before they were publicly available which could have pushed Fusion’s price higher. Fusion set expectations for the data in 25 to 30 patients by saying the PSA50 response (defined as a 50% decrease in PSA from baseline) should be in the 30% to 50% range"

And here is the trial data from 9th April

https://ir.fusionpharma.com/2024-04-09-Fusion-Pharmaceuticals-Announces-Presentation-of-Interim-Data-from-the-Phase-2-TATCIST-Clinical-Trial-Evaluating-FPI-2265-at-the-AACR-Annual-Meeting-2024

Treatment timing appears very similar to SECuRE;

"Patients in the study were pretreated with a median of four prior lines of anticancer therapy, with 20 out of 25 (80%) receiving prior chemotherapy, including 10 patients who received at least two prior lines of taxanes. Nine out of 25 patients received a prior 177Lu-based PSMA RC."

Results;

"From the efficacy-evaluable patient population, PSA50 (≥50% decline in prostate-specific antigen by 12 weeks after first treatment) response was achieved in 10 out of 20 patients (50%) regardless of prior lutetium treatment. PSA50 was achieved in 61% of lutetium-naïve participants and 42% of lutetium-treated participants."

In this context, CU6's Tuesday's news of a durable CR is off the charts good. If expansion data beats Fusions FPI-2265 then we could have a blockbuster on our hands..

Key disclaimer is that this market is extremely competitive & much more research / knowledge is needed to evaluate the comparison fully. But on the face of it the CU6 valuation still looks cheap down here...