Eli Lilly and Company has concluded the acquisition of all outstanding shares of radiopharmaceutical company POINT Biopharma in a deal valued at nearly $1.4bn.
In October this year, Lilly signed a definitive agreement for POINT Biopharma acquisition.
POINT Biopharma focuses on developing radioligand treatments for cancer and has a pipeline of such therapies in the clinical and preclinical stages of development. The lead programmes of the company, PNT2002 and PNT20031, are presently in the late phase of development.
A prostate-specific membrane antigen (PSMA)-directed radioligand therapy, PNT2002 is being developed to treat metastatic castration-resistant prostate cancer (mCRPC) in patients following disease progression after hormonal therapy.
POINT anticipates topline findings from the trial in the fourth quarter of this year.
PNT20031 is a somatostatin receptor (SSTR) directed radioligand therapy being developed for treating gastroenteropancreatic neuroendocrine tumours (GEP-NETs).
Apart from these assets, POINT also has various other programmes in the early stages of clinical and preclinical development.
Furthermore, the company has a 180,000ft2 radiopharmaceutical production facility in Indianapolis, US and a radiopharmaceutical research and development centre located in Toronto, Canada.
Goldman Sachs is serving as exclusive financial advisor and Kirkland & Ellis is the legal counsel for Lilly.
Centerview Partners and Skadden, Arps, Slate, Meagher & Flom are the exclusive financial advisor and legal counsel, respectively, for POINT.
Loxo@Lilly executive vice-president and president Jacob Van Naarden said: “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.
“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.