Health
Eli Lilly to Pay $1.4 Billion for Cancer-Drug Maker Point Biopharma
- Point Biopharma is developing a treatment for prostate cancer
- Deal would expand Lilly’s portfolio to include radioligands
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Eli Lilly & Co. said it will pay about $1.4 billion to acquire Point Biopharma Global Inc. to gain radiation therapies in development for illnesses such as prostate cancer.
Lilly will pay $12.50 a share in cash, according to a statement Tuesday from the two Indianapolis-based companies, 87% higher than Point’s closing price on Monday. Point jumped 84% at the New York market open, its biggest gain since the shares began trading in July 2020. Lilly fell 1.7%.