Eli Lilly to acquire cancer specialist Point Biopharma in deal worth $1.4bn
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Eli Lilly and Company has signed a definitive agreement for the acquisition of all outstanding shares of radiopharmaceutical company POINT Biopharma for an all-in cash price of $1.4bn. Lilly offered $12.5 for each share of POINT.
POINT’s pipeline comprises radioligand cancer therapies in the clinical and preclinical development stages. Two lead programmes, PNT2002 and PNT2003, are currently at the late developmental stage.
“Over the past few years, we have seen how well-designed radiopharmaceuticals can demonstrate meaningful results for patients with cancer and rapidly integrate into standards of care, yet the field remains in the early days of the impact it may ultimately deliver,” said Jacob Van Naarden, president of Loxo@Lilly, the oncology unit of Eli Lilly and Company.
“The combination of POINT’s team, infrastructure and capabilities with Lilly’s global resources and experience could significantly accelerate the discovery, development and global access to radiopharmaceuticals,” said Joe McCann, chief executive of Point. “I look forward to a future where patients all over the world can benefit from the new cancer treatment options made possible by the joining of our two companies today.”
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