Lilly To Acquire POINT Biopharma For $1.4 Bln In Cash; POINT Up In Pre Market

(RTTNews) - Biopharmaceutical major Eli Lilly and Co. (LLY) announced on Tuesday that it has signed a definitive agreement to acquire POINT Biopharma Global, Inc. (PNT) for around $1.4 billion.

In pre-market activity, POINT shares were surging around 85% on Nasdaq.

Lilly will commence the tender offer to purchase all the outstanding shares of POINT for $12.50 per share in cash.

The transaction, which has been approved by the boards of directors of both companies, is expected to close near the year end.

The purchase price represents a premium of 87 percent to POINT's closing stock price on October 2, the last trading day prior to the deal announcement.

POINT is a radiopharmaceutical company with a pipeline of clinical and preclinical-stage radioligand therapies in development for the treatment of cancer.

Its Radioligand therapy can enable the targeting of cancer precisely by linking a radioisotope to a targeting molecule that delivers radiation directly to cancer cells.

Joe McCann, CEO 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."

In pre-market activity, shares of Lilly are trading at $538.23 down 0.01% on the New York Stock Exchange and shares of POINT are trading at $12.35 up 84.74% on Nasdaq.