Point Biopharma

History

2023: Eli Lilly bought Point Biopharma for $1.4 billion

On October 3, 2023, the American pharmaceutical corporation Eli Lilly and Company announced the conclusion of an agreement to acquire the manufacturer of radiopharmaceuticals Point Biopharma Global. The transaction amount is $1.4 billion.

Point Biopharma specializes in radioligand therapy technologies. This approach provides accurate targeting of malignancy by binding the radioisotope to a specific molecule that delivers radiation directly to cancer cells. The technology makes it possible to improve the effectiveness of tumor treatment while limiting the effect on healthy tissues.

Eli Lilly Announces Acquisition Agreement for Radiopharmaceutical Maker Point Biopharma Global

Point Biopharma has radioligand drugs under clinical and preclinical development. These are, in particular, projects of PNT2002 and PNT2003 at the late stage of research. The therapy PNT2002 aimed at patients with metastatic castration-resistant prostate cancer, whose condition worsened during hormonal treatment. In turn, PNT2003 is a radioligand therapy targeting patients with gastroenteropancreatic neuroendocrine tumors.

Point Biopharma also implements several other programs in earlier stages of clinical and preclinical development. In addition, the company operates a radiopharmaceutical manufacturing campus of approximately 16.7 thousand square meters in Indianapolis, as well as a radiopharmaceutical research and development center in Toronto.

Under the terms of the agreement, Eli Lilly will pay $12.5 for each Point Biopharma share, representing an 87% premium on that company's securities value as of October 2, 2023. The deal has already been approved by the boards of directors of both companies.^[1]

Notes