Point Biopharma jumps on buyout deal by Lilly

POINT Biopharma Global

03/10/2023 12:09

** Shares of cancer drug developer Point Biopharma  PNT.O 
rise 86% to $12.44 premarket  
    ** Eli Lilly and Co  LLY.N  has agreed to acquire Point
Biopharma in an all-cash deal valued at $1.4 billion 
    ** Lilly has offered $12.50 per Point Biopharma share held,
representing a premium of about 87% to the stock's last close
    ** Companies expect to close the deal by the end of 2023 
    ** Up to last close, stock down ~8.3% YTD 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))