Eli Lilly and Company completes $1.4bn acquisition of POINT Biopharma

Eli Lilly and Company (NYSE: LLY) has announced the successful completion of its $1.4 billion acquisition of POINT Biopharma Global Inc. (NASDAQ: PNT), a notable radiopharmaceutical company. This acquisition, worth $12.5 per share in cash, marks a significant step in Eli Lilly’s expansion in cancer treatment solutions.

Advancing Cancer Treatments

The acquisition brings together POINT’s pipeline of clinical and preclinical-stage radioligand therapies with Eli Lilly’s resources and research capabilities. Jacob Van Naarden, executive vice president and president of Loxo@Lilly, expressed excitement about entering the radioligand therapy space through the addition of POINT. He emphasized the potential of next-generation radioligand therapies in delivering meaningful advances against a range of cancers.

Eli Lilly Expands Its Oncology Portfolio with POINT Biopharma Acquisition

Details of the Offer and Merger

Lilly’s tender offer for all issued and outstanding shares of POINT stock expired on December 22, 2023, with 72,788,215 shares validly tendered, representing approximately 67.97% of the issued and outstanding shares. Following the completion of the tender offer, Lilly finalized the acquisition through a second-step merger, leading to the delisting of POINT’s common stock from the NASDAQ Capital Market.

Financial and Legal Advisors

For the transaction, Lilly engaged Goldman Sachs & Co. LLC as its exclusive financial advisor and Kirkland & Ellis LLP as legal counsel. POINT appointed Centerview Partners LLC as its exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel.

Impact on the Pharmaceutical Industry

The merger of Eli Lilly and POINT Biopharma signifies a major advancement in the pharmaceutical industry, particularly in the field of oncology. With this acquisition, Eli Lilly not only diversifies its portfolio but also strengthens its position as a leader in developing innovative cancer treatments. The integration of POINT’s radioligand therapies into Eli Lilly’s broader healthcare framework is expected to enhance cancer care and offer new treatment options for patients worldwide.