On October 3, Eli Lilly announced the acquisition for $12.50 per share in cash (totaling approximately $1.4 billion)Radiopharmaceutical CompanyPOINT Biopharma, the latter surged 85% in pre-market trading on the US stock market. POINT possesses radioligand therapies at clinical and preclinical stages for cancer treatment. Radioligand therapy can achieve precise targeting of cancer by linking radioactive isotopes with targeted molecules that deliver radiation directly to cancer cells, thereby achieving significant anti-tumor efficacy while limiting the impact on healthy tissues. The transaction has been approved by the boards of both companies, is not subject to any financing conditions, and is expected to be completed by the end of 2023. The acquisition price represents a premium of approximately 87% over POINT's closing share price on October 2, 2023 (the last trading day before the announcement of the transaction) and a 68% premium over the 30-day volume-weighted average price.Over $2 Billion! Lantheus Acquires Global Exclusive Rights to Two Phase 3 Radiopharmaceuticals）
POINT's main projects are in the late-stage development phase. PNT2002 is a prostate-specific membrane antigen (PSMA)-targeted radioligand therapy for patients with metastatic castration-resistant prostate cancer (mCRPC) who have progressed after hormone therapy. The latest data from this study is expected to be released in the fourth quarter of 2023. PNT2031 is a somatostatin receptor (SSTR)-targeted radioligand therapy under development for the treatment of gastroenteropancreatic neuroendocrine tumors (GEP-NETs). In addition to the late-stage clinical pipeline, POINT has several additional projects in the early stages of clinical and preclinical development. Moreover, POINT operates an 180,000-square-foot radiopharmaceutical manufacturing facility in Indianapolis and a radiopharmaceutical research and development center in Toronto. These facilities will be utilized alongside POINT’s extensive network of supply chain partners for sourcing radioisotopes and their precursors.Follow the official account and reply "POINT"Get the 58-page PPT"）
Eli Lilly Oncology BusinessPresident of Loxo@LillyJacob Van Naarden said:"In the past few years, we have seen that well-designed radiopharmaceuticals can show meaningful results for cancer patients and are quickly integrated into medical standards, but the ultimate impact of this field is still in its early stages. We are excited about the potential of this emerging model, and the acquisition of POINT marks the beginning of our investment in developing a variety of meaningful radioligand therapies to treat difficult-to-treat cancers, just as we have done in the discovery and development of small molecule and biologic oncology drugs. We look forward to welcoming colleagues from POINT Biopharma Global Inc. to Eli Lilly and Company, and working together to develop a series of meaningful new radioligand treatments for patients."CEO of POINT Biopharma Global Inc.Dr. Joe McCann said："The combination of POINT's team, infrastructure, and capabilities with Eli Lilly and Company's global resources and expertise will significantly accelerate the discovery, development, and global access to radiopharmaceuticals. I look forward to a future where patients around the world will benefit from new cancer treatment options resulting from the merger of our two companies today."Follow the official account below to see the world!
