Original from: Eli Lilly and Company
Eli Lilly and Company (NYSE: LLY) today announced the successful completion of its acquisition of POINT Biopharma Global Inc. (NASDAQ: PNT), a radiopharmaceutical company with a pipeline of clinical and preclinical-stage radioligand therapies in development for the treatment of cancer.
"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," said Jacob Van Naarden, executive vice president and president, Loxo@Lilly. "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."
Lilly's tender offer to acquire all of the issued and outstanding shares of common stock of POINT at a purchase price of $12.50 per share in cash, without interest and less any applicable tax withholding, expired as scheduled at 5:00 p.m., Eastern time, on Dec. 22, 2023, and was not further extended. Computershare Trust Company, N.A., the depositary and paying agent for the tender offer, has advised Lilly that as of the expiration of the tender offer, 72,788,215 shares were validly tendered and not properly withdrawn, representing approximately 67.97% of the issued and outstanding shares. Such shares have been accepted for payment and will be promptly paid for in accordance with the terms of the tender offer. Following completion of the tender offer, Lilly completed the acquisition of POINT through the previously planned second-step merger. POINT's common stock will be delisted from the NASDAQ Capital Market.
For Lilly, Goldman Sachs & Co. LLC is acting as exclusive financial advisor and Kirkland & Ellis LLP is acting as legal counsel. For POINT, Centerview Partners LLC is acting as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel.
