Lilly Acquires Point Biopharma For Approx. $1.4 Bln

(RTTNews) - Drug manufacturer, Eli Lilly and Co. (LLY) announced on Wednesday that it has completed the acquisition of Point Biopharma Global Inc., a radiopharmaceutical company for around $1.4 billion.

Lilly acquired nearly 72.8 million shares of the precision oncology firm, representing approximately 67.97 percent of the outstanding shares, at a purchase price of $12.50 per share in cash.

Indiana-based Point has a pipeline of clinical and preclinical-stage radioligand therapies in development for the treatment of cancer.

The tender offer expired on December 22. Further, the Point's stock will be delisted from the Nasdaq.

Goldman Sachs & Co. LLC acted as financial advisor for the company for the acquisition.

In pre-market activity, Lilly's stock stands at $570.68, without any movement on the New York Stock Exchange.