Lilly Expands Oncology Capabilities with Acquisition of POINT Biopharma

Eli Lilly and Company, a global pharmaceutical company, has announced its acquisition of POINT Biopharma Global, Inc., a radiopharmaceutical company specializing in the development of radioligand therapies for cancer treatment. This strategic move will enable Lilly to expand its oncology capabilities and develop innovative radioligand medicines for hard-to-treat cancers.

Radioligand therapy is a promising approach that combines a targeting molecule with a radioisotope to deliver radiation directly to cancer cells, minimizing damage to healthy tissue. POINT Biopharma has a robust pipeline of clinical and preclinical-stage radioligand therapies, including PNT20021 for metastatic castration-resistant prostate cancer and PNT20031 for gastroenteropancreatic neuroendocrine tumors.

The acquisition includes POINT’s state-of-the-art radiopharmaceutical manufacturing campus in Indianapolis and a research and development center in Toronto. These facilities, along with POINT’s extensive network of supply chain partners, will support the development and production of radioligand therapies.

Jacob Van Naarden, President of Loxo@Lilly, the oncology unit of Eli Lilly and Company, expressed excitement about the potential of radiopharmaceuticals in cancer treatment. He sees the acquisition of POINT as the beginning of Lilly’s investment in developing multiple meaningful radioligand medicines. The collaboration between Lilly and POINT aims to accelerate the discovery, development, and global accessibility of radiopharmaceuticals.

Joe McCann, CEO of POINT Biopharma, believes that the combination of POINT’s expertise and infrastructure with Lilly’s global resources and experience will revolutionize precision oncology. He envisions a future where patients worldwide can benefit from new cancer treatment options made possible by this collaboration.

The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to be completed by the end of 2023. Lilly will commence a tender offer to acquire all outstanding shares of POINT for a cash purchase price of $12.50 per share, totaling approximately $1.4 billion.

With this acquisition, Lilly reinforces its commitment to advancing cancer care and improving the lives of millions of patients worldwide. By harnessing the power of radioligand therapies, Lilly aims to redefine the treatment landscape for some of the most challenging cancers, just as it has done in small molecule and biologic oncology drug development.

For more information about Eli Lilly and Company, visit Lilly.com, and for details about POINT Biopharma, visit pointbiopharma.com.