Lilly to Acquire POINT Biopharma

*Editor's note: story has been updated to include financial terms.

Eli Lilly and Company (Lilly) and POINT Biopharma Global (POINT) announced on Oct. 3, 2023 a definitive agreement for Lilly to acquire POINT, a radiopharmaceutical company with a pipeline of clinical and preclinical-stage radioligand therapies in development for the treatment of cancer. According to a company press release, Lilly will acquire POINT for approximately $1.4 billion ($12.50 per share) in cash.

Radioligand therapy can assist in the precise targeting of cancer by linking a radioisotope to a targeting molecule that delivers radiation directly to cancer cells, which enables significant anti-tumor efficacy while limiting the impact to healthy issue. Further, POINT is working on PNT20021, which is a prostate-specific membrane antigen (PSMA) targeted radioligand therapy in development for patients with metastatic castration-resistant prostate cancer (mCRPC) after progression on hormonal treatment. PNT20021 is known as a somatostatin receptor (SSTR) targeted radioligand therapy in development for the treatment of patients with gastroenteropancreatic neuroendocrine tumors (GEP-NETs).

Further, beyond the late-stage clinical pipeline, POINT has several additional programs in earlier stages of clinical and preclinical development. The company operates a 180,000-square-foot radiopharmaceutical manufacturing campus in Indianapolis, in addition to a radiopharmaceutical research and development center in Toronto. Both of the facilities will be used alongside POINT’s extensive network of supply chain partners for sourcing radioisotopes and their precursors.

"Over the past few years, we have seen how well-designed radiopharmaceuticals can demonstrate meaningful results for patients with cancer and rapidly integrate into standards of care, yet the field remains in the early days of the impact it may ultimately deliver," said Jacob Van Naarden, President of Loxo@Lilly, the oncology unit of Eli Lilly and Company, in a press release. "We are excited by the potential of this emerging modality and see the acquisition of POINT as the beginning of our investment in developing multiple meaningful radioligand medicines for hard-to-treat cancers, as we have done in small molecule and biologic oncology drug discovery and development. We look forward to welcoming POINT colleagues to Lilly and working together to build upon their achievements as we develop a pipeline of meaningful new radioligand treatments for patients."

Joe McCann, PhD, CEO of POINT, also said in the press release, "The combination of POINT's team, infrastructure and capabilities with Lilly's global resources and experience could significantly accelerate the discovery, development, and global access to radiopharmaceuticals. I look forward to a future where patients all over the world can benefit from the new cancer treatment options made possible by the joining of our two companies today."

Source: Eli Lilly and Company