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Eli Lilly and Company announced on Wednesday, Dec. 27, that it has successfully completed its buyout of the radiopharmaceutical firm that develops cancer treatment, POINT Biopharma Global Inc. The deal is worth about $1.4 billion.
Total Shares Acquired
The multi-million price is for Eli Lilly's acquisition of almost 72.8 million shares of POINT Biopharma. This portion of the shares is said to correspond to more or less 67.97% of the outstanding shares.
As per RTT News, the biopharma firm has a line of clinical and preclinical-stage radioligand therapies that are currently in development. These are for the treatment of cancer diseases, and Eli Lilly is bound to benefit from this as the companies merge. In any case, with the acquisition, Point Biopharma is now set to be delisted from the Nasdaq.
Financial Terms and Other Details of the Deal
Eli Lilly's tender offer to buy all of the issued and outstanding shares of common stock of the Pittsburgh, Pennsylvania-headquartered biopharma company at a purchase price of $12.50 per share without interest has expired right on schedule of 5:00 p.m. on Dec. 22; thus an extension was not necessary. The amount will be paid in cash, less any applicable tax withholding.
"Next-generation radioligand therapies hold great promise for delivering meaningful advances against a range of cancers and we are excited to enter this space through the addition of POINT," Loxo@Lilly's executive vice president and president, Jacob Van Naarden, said in a press release. "We welcome POINT colleagues to Lilly and look forward to working together to build on their work as we create this new capability within Lilly. In time, I hope we can bring several new radioligand therapies to patients with cancer and improve their outcomes."
Goldman Sachs & Co. LLC has been hired as Eli Lilly's exclusive financial advisor, while Kirkland & Ellis LLP is serving as its legal counsel. On the other hand, POINT Biopharma appointed Centerview Partners LLC as its financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as its legal counsel.
Photo by: Lilly Press Release
