Recent M&A activity bodes well for Fusion Pharmaceuticals, says Oppenheimer

Oppenheimer says that Fusion Pharmaceuticals (FUSN) is potentially the sole remaining clinical stage, targeted radiopharm player with a robust supply chain following recent takeouts of both Point Biopharma (PNT) and Rayze Bio (RYZB). On Tuesday, Bristol Myers (BMY) announced the acquisition of Rayze Bio for $62.50/share in cash, or $4.1B. Rayze had been the highest profile, public, targeted radiopharm company, following its successful IPO in September of this year, the firm notes. With a filing by Eli Lilly (LLY) Tuesday morning, Oppenheimer anticipates the acquisition of Point Biopharma by the former for $12.50/share or $1.4B will close on Wednesday. Together, the firm sees these transactions leaving Fusion as the last available target to serve as a foundation for a large pharma to build a presence in targeted radiopharmaceuticals. Oppenheimer reiterates an Outperform rating on Fusion with a price target of $13.