POINT has two potential candidates in late-phase development, with several others in earlier stages of development, operates a 180,000ft2 manufacturing facility in Indianapolis, US, and a research and development centre in Toronto, Canada
Lilly corporate centre in Indianapolis, Indiana. (Credit: Momoneymoproblemz/Wikipedia)
US-based drugmaker Eli Lilly and Company (Lilly) has agreed to acquire radiopharmaceutical company POINT Biopharma Global (POINT) for around $1.4bn.
Under the terms of the agreement, Lilly will initiate a tender offer to purchase all the outstanding shares of POINT at a price of $12.50 per share in cash.
The boards of directors of both companies approved the potential transaction, which is not subject to any financing condition.
The deal is expected to be completed by the end of this year, subject to customary closing conditions.
The conditions include the tender of a majority of the outstanding shares of POINT common stock, and the US Nuclear Regulatory Commission approval for license transfer.
Lilly’s oncology unit Loxo@Lilly president Jacob Van Naarden said: “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.
“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.”
POINT is a radiopharmaceutical company with a portfolio of radioligand therapies currently in development for the treatment of cancer.
Its top candidates, PNT20021 and PNT20031, are currently in late-phase development, and several other programmes are in earlier stages of clinical and preclinical development.
PNT20021 is a prostate-specific membrane antigen (PSMA) targeted radioligand therapy for patients with metastatic castration-resistant prostate cancer (mCRPC) after hormonal treatment.
PNT20031 is a somatostatin receptor (SSTR) targeted radioligand therapy, being developed for the treatment of gastroenteropancreatic neuroendocrine tumours (GEP-NETs).
In addition, POINT operates a 180,000ft2 radiopharmaceutical manufacturing campus in Indianapolis, and a radiopharmaceutical research and development centre in Toronto, Canada.
Goldman Sachs & Co. served as exclusive financial advisor and Kirkland & Ellis as legal counsel to Lilly, while Centerview Partners served as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom as legal counsel to POINT.
POINT CEO Joe McCann said: “The combination of POINT’s team, infrastructure and capabilities with Lilly’s global resources and experience could significantly accelerate the discovery, development and global access to radiopharmaceuticals.
“I look forward to a future where patients all over the world can benefit from the new cancer treatment options made possible by the joining of our two companies today.”
Earlier this year, Lilly completed its acquisition of DICE Therapeutics, expanding its immunology portfolio to include DICE’s novel oral therapeutic candidates to treat chronic immune disorders.