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Acquired company focused on radioligand therapies for the treatment of cancer.
Eli Lilly and Company announced that it has put in place a definitive agreement to acquire Point Biopharma, a radiopharmaceutical company with multiple clinical and preclinical stage radioligand therapies in development for the treatment of cancer. Under terms of the deal, Lilly will initiate a tender offer to acquire all outstanding shares for $12.50 per share and it has been approved by the boards of directors of both companies.
"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," said Jacob Van Naarden, President of Loxo@Lilly, Eli Lilly and Company’s Oncology Unit, in a compaby press release. "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. We look forward to welcoming Point colleagues to Lilly and working together to build upon their achievements as we develop a pipeline of meaningful new radioligand treatments for patients."
Reference: Lilly to Acquire POINT Biopharma to Expand Oncology Capabilities into Next-Generation Radioligand Therapies. Lilly. October 3, 2023. Accessed October 3, 2023. https://investor.lilly.com/news-releases/news-release-details/lilly-acquire-point-biopharma-expand-oncology-capabilities-next