Eli Lilly extends tender offer to buy Point Biopharma after low participation (updated)

POINT Biopharma Global

17/11/2023 12:58

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       Nov 17 (Reuters) - Eli Lilly  LLY.N  on Friday extended
the deadline for Point Biopharma Global  PNT.O  shareholders by
about two weeks to Dec. 1 to sell their stock, due to low
participation.
    In October, Lilly agreed to acquire Point Biopharma in an
all-cash deal valued at $1.4 billion to gain access to its
experimental therapies that enable precise targeting of cancer.
    Lilly, which has offered to buy Point Biopharma shares at
$12.50 a piece and has all regulatory approvals for the deal,
said the price will remain the same during the extended period.
Point's shares, though, closed at $13.33 on Thursday.
    As of 1700 ET on Thursday, holders of about 28.2 million
shares had agreed to sell with valid tendered stock, and this
represented only 26.45% of the issued and outstanding shares of
Point Biopharma, Lilly said.
    The tender offer has been extended in order for the
companies to satisfy the minimum tender condition.
    Lilly has been bolstering its pipeline through small deals
as its cancer therapy Alimta faces fierce competition from
copycat versions, while betting on potential blockbuster drugs
Mounjaro and recently approved obesity drug Zepbound to drive
growth.


 (Reporting by Sriparna Roy in Bengaluru; Editing by Shinjini
Ganguli)
 ((Sriparna.Roy@thomsonreuters.com;))