Lantheus jumps as partner Point Biopharma agrees to Eli Lilly deal

Lantheus Holdings

03/10/2023 15:26

(Updates)
    ** Lantheus Holdings' shares  LNTH.O  rise 4.6% to $70.76 
    ** Eli Lilly  LLY.N  to buy LNTH's partner Point Biopharma
Global  PNT.O  for $1.4 billion
    ** LNTH and PNT had a set of strategic collaboration
agreements in which LNTH will license exclusive worldwide rights
to PNT's PNT2002 and PNT2003 cancer therapy candidates
    ** Under the deal, LNTH paid $260 million upfront to PNT
plus potential milestone payments in future for exclusive
worldwide rights, except in Japan, South Korea, Singapore,
Indonesia and China (including Hong Kong, Macau and Taiwan)
    ** LNTH spokesperson says co's commercial rights to PNT2002
and PNT2003 intact 
    ** PNT and LLY did not immediately respond to Reuters'
request for comment on the deal
    ** All 9 brokerages covering LNTH rate the stock "buy" or
higher; their median PT is $119.50
    ** Up to Monday's close, LNTH shares had risen ~33% YTD

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; https://twitter.com/LeroyLeo7;))