The Strategist

Eli Lilly to buy Point Biopharma for $1.4B

10/04/2023 - 09:22

Eli Lilly and Co., a US pharmaceutical company, is paying $1.4 billion to acquire Point Biopharma Global Inc., a producer of radiopharmaceuticals.

Eli Lilly to buy Point Biopharma for $1.4B
According to a press announcement, Eli Lilly will pay $12.5 for each share of Point Biopharma, an increase of 87% over the stock's closing price on October 2.

The boards of directors for both businesses gave their approval to the agreement. It is expected to close at the conclusion of 2023.

Eli Lilly received financial advice from Goldman Sachs in this Centerview Partners - Point Biopharma transaction.

Tuesday's pre-market trade showed a 0.1% decline in the price of Eli Lilly's stock. Securities from Point Biopharma increased in value by more than 84%, reaching $12.33. The market value of the first business rose by 47% this year to $510 billion, while the value of the second fell by 8.3% to $705 million.