The Nuclear Regulatory Commission (NRC) of the US has given its approval for the transfer of a radioactive materials license from Point Biopharma (NASDAQ: PNT) to Eli Lilly (NYSE: LLY). This decision marks the final regulatory clearance necessary for Eli Lilly’s acquisition of Point Biopharma, which was announced last month. The tender offer by Lilly to acquire all of Point’s issued and outstanding shares is set to expire tomorrow.
Details of the Acquisition and Clinical Programs
With the NRC’s green light, Eli Lilly is one step closer to incorporating two clinical programs from Point Biopharma into its portfolio. The first program, PNT2002, is a PSMA-targeting drug currently in Phase III for the treatment of metastatic castration-resistant prostate cancer (mCRPC). The second program, PNT2003, targets SSTR and is in development for gastroenteropancreatic neuroendocrine tumors (GEP-NETs).
Implications for Eli Lilly’s Pipeline
The acquisition of Point Biopharma is a strategic move for Eli Lilly, as it bolsters the company’s presence in the radiopharmaceutical sector. The addition of PNT2002 and PNT2003 to Lilly’s pipeline highlights the company’s commitment to expanding its offerings in oncology and advancing novel treatments for patients with serious medical conditions.- Flcube.com
