Prime Allied Limited - Eli Lilly acquires POINT Biopharma to improve its cancer-fighting therapies

POINT Biopharma Global (PNT) shares soared more than 80% in initial trading on Tuesday after Eli Lilly (LLY) agreed to purchase the radiopharmaceutical company for $1.4 billion in order to expand its cancer-fighting therapies.
CENTRAL, Hong Kong - Oct. 12, 2023 - PRLog -- Lilly stated that it will pay $12.50 per share for POINT, representing an 87% premium over the company's closing price on Monday.1 The all-cash transaction is not subjected to any financing restrictions and is scheduled to completion before the end of the year.

POINT has a pipeline of clinical and preclinical-stage medicines that use targeted radiation approaches called as radioligand therapy (RLT) to destroy cancer cells, according to Lilly. It went on to say that RLT has strong anti-tumor activity while having a low impact on healthy tissue.

Lilly will also have access to POINT's radiopharmaceutical production facility in Indianapolis, Indiana, as well as its radiopharmaceutical research and development center in Toronto, as part of the arrangement.

The acquisition, according to Jacob Van Naarden, head of Lilly's oncology device, represents "the beginning of our investment in developing multiple meaningful radioligand medicines for hard-to-treat cancers."

Following the news, POINT Biopharma Global shares rose to their highest level since March 2021. As of 11:30 a.m., shares of Eli Lilly were down 3.6%. ET.

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