Eli Lilly is making a bold move to supercharge its cancer-fighting arsenal by announcing the acquisition of Point Biopharma. This Pennsylvania-based gem comes with a treasure trove of clinical and preclinical radioligand therapies that are set to revolutionize the oncology landscape.
In a deal that’s turning heads, Lilly is set to shell out a cool $1.4 billion for Point. That’s a whopping $12.50 per outstanding share, marking a 67% premium over Point’s 30-day volume-weighted average price. The ink is dry on this agreement, with the blessings of both companies’ boards of directors, and the final curtain call is expected toward the end of 2023.
But what’s the real buzz here? This acquisition isn’t just about bolstering Lilly’s cancer business; it’s about launching into a new era of “radioligand medicines for hard-to-treat cancers,” as declared by Jacob Van Naarden, the president of Lilly’s oncology unit, Loxo@Lilly.
The crown jewel of this deal is Point’s leading warrior, PNT2002, a radioligand therapy on a mission against prostate-specific membrane antigen (PSMA). It’s a lifeline for patients battling metastatic castration-resistant prostate cancer, especially those who’ve soldiered on through hormonal treatments. PNT2002 wields the formidable beta-emitting radioisotope lutetium-177, and it’s currently strutting its stuff in a Phase III study, with game-changing data expected to drop in late 2023.
But wait, there’s more! Point has another ace up its sleeve in the form of PNT2003, a late-stage targeted radioligand therapy that’s taking on gastroenteropancreatic neuroendocrine tumors (GEP-NETs). This warrior also packs a punch with lutetium-177. It’s an exciting endeavor that’s pushing the boundaries of cancer treatment.
And that’s not all, folks. Point is cooking up several other tantalizing assets in its innovation kitchen, like PNT2004 for solid tumors and PNT2001 for prostate cancer. With these game-changers on board, and with Point’s cutting-edge radiopharma manufacturing campus in Indianapolis and its R&D hub in Toronto, Eli Lilly is gearing up to redefine the cancer treatment landscape.
This acquisition catapults Lilly into the same arena as other radiopharma powerhouses like Novartis, whose radioligand therapy, Lutathera, just aced its Phase III NETTER-2 trial in GEP-NETs. The stakes are high as Lilly joins the battle for pioneering cancer treatments, with Lutathera already making waves and seeking to revolutionize front-line care.
But wait, there’s more competition on the horizon. Radiopharma trailblazer RayzeBio is also in the ring, with its candidate RYZ101 entering Phase III assessments in May 2023. This contender wields the highly potent Actinium-225 radioisotope and is targeting patients with somatostatin receptor type 2.
And while Lilly is making headlines with the Point acquisition, let’s not forget its recent spending spree. Just a few months ago, it dropped a cool $1.93 billion to acquire the weight-loss powerhouse Versanis. Before that, it added three more feathers to its cap with acquisitions in the fields of antibody-drug conjugates, diabetes solutions, and autoimmune and inflammatory therapies.
Eli Lilly isn’t just making moves; it’s orchestrating a symphony of innovation in the world of healthcare.