Eli Lilly to acquire cancer specialist Point Biopharma in deal worth $1.4bn
04 Oct 2023
AcquisitionRadiation Therapy
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Source: PMLiVE
Eli Lilly has entered into a definitive agreement to acquire Point Biopharma for $1.4bn, giving the company access to a pipeline of clinical and preclinical-stage radioligand therapies being developed to treat cancer.
Point currently has two lead programmes in late-stage development, including a somatostatin receptor-targeted radioligand therapy, PNT2003, being evaluated for use in patients with gastroenteropancreatic neuroendocrine tumours.
The second is a prostate-specific membrane antigen-targeted radioligand therapy, PNT2002, being developed for patients with metastatic castration-resistant prostate cancer who have experienced disease progression after hormonal therapy.
Jacob Van Naarden, president of Loxo@Lilly, the oncology unit of Eli Lilly and Company, said: "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.
"We are excited by the potential of this emerging modality and see the acquisition of Point as the beginning of our investment in developing multiple meaningful radioligand medicines for hard-to-treat cancers, as we have done in small molecule and biologic oncology drug discovery and development."
Under the terms of the agreement, Lilly will commence a tender offer to acquire all outstanding shares of Point for a purchase price of $12.50 per share in cash, amounting to approximately $1.4bn.
Lilly will also get access to Point’s manufacturing campus for radiopharmaceuticals in Indianapolis, US, as well as a research and development centre in Toronto, Canada.
Joe McCann, chief executive officer of Point, said: "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."
The deal, which is expected to close by the end of this year, would add to Lilly’s growing number of acquisitions this year, including the $2.4bn purchase of Dice Therapeutics and the $1.9bn buyout of Versanis.
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