Lilly Completes $1.4 Billion Acquisition of Point Biopharma
US drug manufacturer Eli Lilly has completed its acquisition of radiopharmaceutical company Point Biopharma for approximately $1.4 billion.
"Next generation radioligand therapies hold great promise for delivering meaningful advances against a range of cancers and we are excited to enter this space through the addition of Point," said Jacob Van Naarden, executive vice president and president of Loxo, the oncology unit of Eli Lilly. "We welcome Point colleagues to Lilly and look forward to working together to build on their work as we create this new capability within Lilly. In time, I hope we can bring several new radioligand therapies to patients with cancer and improve their outcomes."
Lilly's tender offer to acquire all of the issued and outstanding shares of common stock of Point at a purchase price of $12.50 per share in cash, without interest and less any applicable tax withholding, expired as scheduled at 5:00 p.m., Eastern time, on Dec. 22, 2023, and was not further extended.
Following completion of the tender offer, Lilly completed the acquisition of Point through the previously planned second-step merger. Point's common stock will be delisted from the NASDAQ Capital Market.
