Eli Lilly has successfully completed its acquisition of POINT Biopharma, a radiopharmaceutical company focused on developing advanced radioligand therapies for cancer.
The acquisition involved Lilly's tender offer to purchase all outstanding shares of POINT's common stock at $12.50 per share in cash. The offer, which expired on December 22, 2023, saw 72,788,215 shares, representing approximately 67.97% of POINT's outstanding shares. Subsequent to the offer, Lilly finalized the acquisition of POINT through a planned second-step merger, leading to the delisting of POINT's common stock from the NASDAQ Capital Market.
The company, currently advancing its lead candidate PNT2002 through phase 3 trials for metastatic castration-resistant prostate cancer, operates an 80,000-square-foot facility supplying trial doses and capable of managing large commercial volumes. POINT also houses a radiopharmaceutical R&D center in Toronto.
In addition to PNT2002, POINT's pipeline features PNT20031, a somatostatin receptor (SSTR) targeted radioligand therapy in phase 3 development for gastroenteropancreatic neuroendocrine tumors. The company is actively pursuing various programs in earlier clinical and preclinical stages.
Established in 2019, POINT is dedicated to overcoming historical challenges in radiopharmaceutical treatments, striving to expand access to lifesaving therapies for more patients. “Reliability is in our DNA,” said POINT CEO Joe McCann, in a previous interview with Pharma Manufacturing. “POINT’s platform was designed from inception with a focus of ensuring the reliable delivery of next-generation radiopharmaceuticals.”
POINT's proprietary CanSEEK technology aims to minimize radiopharmaceutical toxicity caused by off-target delivery by only activating a radiopharmaceuticals' targeting moiety, such as its ligand, after it has encountered FAP-α in the tumor microenvironment. POINT says the platform has the potential to make treatments even more precise, expanding their therapeutic index, and enabling the use of new, more powerful medical isotopes.