Point Biopharma jumps on Lilly buyout deal

POINT Biopharma Global

03/10/2023 15:17

(Updates)
    ** Shares of cancer drug developer Point Biopharma  PNT.O 
rise 84.7% to $12.35, set for their highest level in more than
two years, if gains hold
    ** Eli Lilly and Co  LLY.N  has agreed to acquire Point
Biopharma in an all-cash deal valued at $1.4 billion 
    ** Deal gives LLY access to PNT's experimental radioligand
therapies that enable precise targeting of cancer 
        ** Radioligand therapies combine radioactive particles
that kill cells with molecules that attach themselves to the
tumors
        ** The acquisition "bodes well for the overall
radiopharma space, further validating the platform as another
pillar of medicine," Truist Securities analyst Robyn Karnauskas
said in a note  
    ** Lilly has offered $12.50 per Point Biopharma share held,
representing a premium of about 87% to the stock's last close
    ** Both cos expect to close the deal by the end of 2023 
    ** Including session's moves, stock up ~69.4% YTD 

    

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