Eli Lilly and Company announced on October 2 that it acquired POINT Biopharma Global, Inc. for approximately $1.4 billion.
Lilly will commence a tender offer to acquire all outstanding shares of POINT for a purchase price of $12.50 per share in cash payable at closing. The price represents a premium of approximately 87% to POINT’s closing stock price on Oct. 2, 2023, the last trading day before the announcement of the transaction was made, and 68% to the 30-day volume-weighted average price.
POINT Biopharma Global is a globally focused radiopharmaceutical company building a platform for the clinical development and commercialization of radioligands that fight cancer. Its portfolio includes targeted radioligand assets, a seasoned management team, an industry-leading pipeline, in-house manufacturing capabilities and secured supply for medical isotopes including actinium-225 and lutetium-177. For the full year, the company reported revenue was $226.58 million, according to the company’s full year 2022 financial report.
Eli Lilly and Company is an American pharmaceutical company headquartered in Indianapolis, Indiana, with offices in 18 countries. Eli Lilly discovers, develops, manufactures and sells pharmaceutical products worldwide. Its products are sold in 125 countries. According to its 2022 FY report, the company made a revenue of $28.5 billion for the full year ending on December 31, 2022.
Goldman Sachs is acting as exclusive financial advisor and Kirkland & Ellis LLP is acting as legal counsel for Eli Lilly. Centerview Partners LLC is acting as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to POINT.
According to data captured in the LevinPro HC database, this transaction represents the 115th Biotechnology transaction of the year. Between January 1, 2022 and October 2, 2022, there were 103 Biotechnology transactions.
