GENE ONLINE|News &
Opinion
Blog

2023-10-04| M&A

Eli Lilly Expands Oncology Portfolio with $1.4 Billion Acquisition of POINT Biopharma

by Richard Chau
Share To

In a strategic move to strengthen its foothold in the rapidly evolving field of cancer therapeutics, Eli Lilly and Company has announced a definitive agreement to acquire POINT Biopharma, an Indianapolis-based pharma company building a platform for the clinical development and commercialization of radioligands that fight cancer. This acquisition, valued at approximately $1.4 billion in cash, reflects Lilly’s commitment to expanding its oncology portfolio amid a surge of radiopharmaceutical startups and a growing demand for innovative cancer treatments.

Related article: PeptiDream and Genentech Collaborate on Novel Peptide-Radioisotope Drug Conjugates 

POINT Biopharma’s Radiopharmaceutical Expertise

POINT Biopharma specializes in the development of clinical and preclinical-stage radioligand therapies for cancer treatment. These novel therapies leverage radioligand technology, which facilitates precise targeting of cancer by linking a radioisotope to a targeting molecule that delivers radiation directly to cancer cells, enabling significant anti-tumor efficacy while minimizing impact on healthy tissues.

The company’s flagship programs, PNT2002 and PNT2003, are in late-phase development, targeting metastatic castration-resistant prostate cancer (mCRPC) and gastroenteropancreatic neuroendocrine tumors (GEP-NETs) respectively. Both therapies utilize lutetium-177, a beta-emitting radioisotope as the source of radiation. Beyond these, POINT has additional programs in various stages of development, supported by its state-of-the-art manufacturing facilities in Indianapolis and Toronto.

Terms of the Agreement and Future Prospects

Under the terms of the agreement, Eli Lilly will initiate a tender offer to acquire all outstanding shares of POINT Biopharma at $12.50 per share in cash. The total consideration for this acquisition amounts to approximately $1.4 billion, representing a substantial premium of 87% to POINT’s closing stock price on October 2, 2023. The transaction has received approval from the boards of both companies and is expected to close by the end of 2023, pending customary closing conditions and regulatory approvals.

Jacob Van Naarden, President of Loxo@Lilly, the oncology unit of Eli Lilly, expressed enthusiasm for the potential impact of radiopharmaceuticals on cancer treatment, despite the fact that this field is still in a nascent stage nowadays. He also described the acquisition of POINT Biopharma as a pivotal step in Lilly’s investment in developing meaningful radioligand medicines for challenging-to-treat cancers. 

Joe McCann, CEO of POINT Biopharma, envisioned a future where cancer patients worldwide could benefit from the collaborative efforts of the two companies. With POINT’s expertise in radioligand therapies and Eli Lilly’s global resources, this groundbreaking combination holds promise for accelerating the discovery, development, and global accessibility of innovative radiopharmaceuticals, transforming the realm of oncology and cancer therapy. 

©www.geneonline.com All rights reserved. Collaborate with us: service@geneonlineasia.com
Related Post
The Legal Battlefield of Weight-Loss Drugs: Eli Lilly and Novo Nordisk on the Defensive
2024-04-18
Obesity Hope or Hype: Leveraging the Efficacy of Mainstream Weight Loss Pills (Second Part)
2024-03-07
Obesity Hope or Hype: Leveraging the Efficacy of Mainstream Weight Loss Pills (First Part)
2024-02-15
LATEST
WHO Raises Alarm: Bird Flu Threat to Humans an ‘Enormous Concern’
2024-04-19
The Legal Battlefield of Weight-Loss Drugs: Eli Lilly and Novo Nordisk on the Defensive
2024-04-18
Pharmacogenomics in Asia-Pacific: Nalagenetics CEO Levana Sani Offers Insights and Strategies
2024-04-17
Rice University Engineers Develop Miniature Brain Stimulator for Safer and Less-invasive Neuromodulation
2024-04-17
Breakthrough Screening Platform to Assess SARS-CoV-2 Mutations and Potential Treatments
2024-04-16
Join Us for the SABPA OC/LA 16th Annual Biomedical Forum!
2024-04-16
Sequencing Revolution Spotlights the Titans of NGS Innovation
2024-04-16
EVENT
2024-04-27
2024 Biomedical Final Pitch Competition
Room DA1620, Dana Building, Dana-Farber Cancer Institute, 99 Jimmy Fund Way, Boston, MA 02115
Scroll to Top