INDIANAPOLIS, Dec. 27,
2023 /PRNewswire/ -- Eli Lilly and Company (NYSE:
LLY) today announced the successful completion of its acquisition
of POINT Biopharma Global Inc. (NASDAQ: PNT), a radiopharmaceutical
company with a pipeline of clinical and preclinical-stage
radioligand therapies in development for the treatment of
cancer.
"Next generation radioligand therapies hold great promise for
delivering meaningful advances against a range of cancers and we
are excited to enter this space through the addition of POINT,"
said Jacob Van Naarden, executive
vice president and president, Loxo@Lilly. "We welcome POINT
colleagues to Lilly and look forward to working together to build
on their work as we create this new capability within Lilly. In
time, I hope we can bring several new radioligand therapies to
patients with cancer and improve their outcomes."
The Offer and the Merger
Lilly's tender offer to
acquire all of the issued and outstanding shares of common stock of
POINT at a purchase price of $12.50 per share in cash, without interest
and less any applicable tax withholding, expired as scheduled at
5:00 p.m., Eastern time, on
Dec. 22, 2023, and was not
further extended. Computershare Trust Company, N.A., the depositary
and paying agent for the tender offer, has advised Lilly that as of
the expiration of the tender offer, 72,788,215 shares were validly
tendered and not properly withdrawn, representing approximately
67.97% of the issued and outstanding shares. Such shares have been
accepted for payment and will be promptly paid for in accordance
with the terms of the tender offer. Following completion of the
tender offer, Lilly completed the acquisition of POINT through the
previously planned second-step merger. POINT's common stock will be
delisted from the NASDAQ Capital Market.
For Lilly, Goldman Sachs & Co. LLC is acting as
exclusive financial advisor and Kirkland & Ellis LLP is
acting as legal counsel. For POINT, Centerview Partners LLC is
acting as exclusive financial advisor and Skadden, Arps, Slate,
Meagher & Flom LLP is acting as legal counsel.
About Lilly
Lilly unites caring with discovery
to create medicines that make life better for people around the
world. We've been pioneering life-changing discoveries for nearly
150 years, and today our medicines help more than 51 million
people across the globe. Harnessing the power of biotechnology,
chemistry and genetic medicine, our scientists are urgently
advancing new discoveries to solve some of the world's most
significant health challenges, redefining diabetes care, treating
obesity and curtailing its most devastating long-term effects,
advancing the fight against Alzheimer's disease, providing
solutions to some of the most debilitating immune system disorders,
and transforming the most difficult-to-treat cancers into
manageable diseases. With each step toward a healthier world, we're
motivated by one thing: making life better for millions more
people. That includes delivering innovative clinical trials that
reflect the diversity of our world and working to ensure our
medicines are accessible and affordable. To learn more,
visit Lilly.com and Lilly.com/news or follow us
on Facebook, Instagram, and LinkedIn. C-LLY
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking
statements regarding Lilly's acquisition of POINT, the anticipated
benefits and financial impact of the acquisition, the potential of
radioligand therapies, the delisting of POINT's common stock, and
the company's ongoing and planned clinical and preclinical
development. All statements other than statements of historical
fact are statements that could be deemed forward-looking
statements. Forward-looking statements reflect current beliefs and
expectations; however, these statements involve inherent risks and
uncertainties, including with respect to drug research, development
and commercialization, Lilly's evaluation of the accounting
treatment of the acquisition and its potential impact on its
financial results and financial guidance, risks that the
acquisition disrupts current plans and operations or adversely
affects employee retention, and any legal proceedings that may be
instituted related to the acquisition. Actual results could differ
materially due to various factors, risks and uncertainties. Among
other things, there can be no guarantee that Lilly will realize the
expected benefits of the acquisition, that product candidates will
be approved on anticipated timelines or at all, that any products,
if approved, will be commercially successful, that Lilly's
financial results will be consistent with its expected 2023
guidance or that Lilly can reliably predict the impact of the
acquisition on its financial results or financial guidance. For
further discussion of these and other risks and uncertainties, see
Lilly's most recent Form 10-K and Form 10-Q filings with the United
States Securities and Exchange Commission. Except as required by
law, Lilly undertakes no duty to update forward-looking statements
to reflect events after the date of this press release.
Refer
to:
|
Jordan Bishop;
jordan.bishop@lilly.com; 317-473-5712 (Media)
|
|
Joe
Fletcher; jfletcher@lilly.com; 317-296-2884
(Investors)
|
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SOURCE Eli Lilly and Company