Eli Lilly (NYSE: LLY) announced last week its agreement to acquire radiopharmaceutical company Point Biopharma (NASDAQ: PNT) in a strategic move to bolster its oncology portfolio with several pre-clinical and clinical radioligand candidates. The acquisition, valued at USD 1.4 billion, will involve Lilly purchasing all outstanding shares of Point through a tender offer, which is expected to close by the end of the year. This will be followed by a second-step merger to acquire any shares that remain un-tendered.
Key Clinical Programs in the Acquisition
As part of the acquisition, Lilly will integrate two significant clinical programs from Point Biopharma. The first is PNT2002, a PSMA-targeting drug currently in Phase III trials for metastatic castration-resistant prostate cancer (mCRPC). The second is PNT2003, which targets SSTR and is being developed for gastroenteropancreatic neuroendocrine tumors (GEP-NETs).
In addition to these promising clinical candidates, Point Biopharma also operates a radiopharmaceutical manufacturing facility in the United States and a research and development (R&D) center in Canada, further enhancing Lilly’s capabilities in the oncology space.-Fineline Info & Tech
