Eli Lilly has made a bid to acquire radiopharmaceutical company POINT Biopharma, offering to purchase shares at $12.5 per share in cash. The offer has been extended until 16 November, giving POINT Biopharma more time to accept or decline the proposal. As of 8 November, nearly 15 million shares had been presented and not properly withdrawn, constituting about 14.16% of the issued and outstanding shares of POINT at that time. This offer has been met with opposition from certain shareholders who believe that it undervalues the company’s worth.
The proposed acquisition has led to several complaint letters from assumed shareholders and lawsuits against POINT and members of the company’s board. Additionally, BVF Partners L.P. has expressed that completing the transaction prior to receiving results from POINT’s Phase III SPLASH trial is not in the best interest of the issuer’s shareholders. Despite the negative reception by shareholders, POINT’s stock price has jumped 97.90% since the announcement of the acquisition. It’s important to note that POINT has several other radioligand therapies in its pipeline, which includes potential treatments for neuroendocrine tumors, solid tumors expressing FAP, and prostate cancer.
In addition to the POINT acquisition, Eli Lilly has been active in strengthening its pipeline through other acquisitions. In October, Lilly signed an acquisition agreement with French biotech company Mablink, and in August, the company completed the acquisition of biopharmaceutical company Sigilon. These moves reflect Lilly’s strategy to expand and enhance its pharmaceutical offerings.
