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      PNT Stock:Why Is POINT Biopharma On The Rise Today?

      By Fahim Awan

      Published on

      October 3, 2023

      6:36 PM UTC

      PNT Stock:Why Is POINT Biopharma On The Rise Today?

      POINT Biopharma Global Inc. (NASDAQ: PNT) has experienced a notable surge of 85.04%, reaching $12.37 as of the latest observation during the current trading session.

      Moreover, POINT Biopharma’s equities have witnessed a significantly elevated trading activity, with over 24 million shares changing hands today, a substantial contrast to the usual daily average of 0.54 million shares.

      The ascent in PNT stock value can be attributed to the recent revelation of a takeover offer.

      POINT Biopharma (PNT) has entered a formal acquisition agreement with Eli Lilly and Company. This strategic move stems from Lilly’s interest in POINT Biopharma’s portfolio, specifically its advanced radioligand therapies, currently in clinical and preclinical phases.

      These therapies hold immense potential for precisely targeting cancer cells by coupling radioisotopes with specialized targeting molecules, thereby optimizing anti-tumor effectiveness while minimizing harm to healthy tissue.

      POINT is advancing pioneering radioligand therapies, such as PNT20021 for metastatic castration-resistant prostate cancer and PNT20031 for gastroenteropancreatic neuroendocrine tumors.

      Their late-stage clinical pipeline complements early-stage programs, and they operate advanced radiopharmaceutical facilities in Indianapolis and Toronto. These assets support their supply chain partnerships in securing radioisotopes and their precursors.

      In recent years, radiopharmaceuticals have shown significant promise in cancer treatment but remain in the early stages of their potential impact. Lilly’s acquisition of POINT marks the start of their investment in developing impactful radioligand medicines for challenging cancers, akin to their achievements in small-molecule and biologic oncology drug development.

      The transaction involves a cash tender offer by Lilly to acquire all outstanding POINT shares at $12.50 per share, totaling approximately $1.4 billion, with unanimous approval from both companies’ boards.

      This deal entails no financial contingencies and is anticipated to finalize by the conclusion of 2023, contingent upon customary closing prerequisites and regulatory authorizations.

      The acquisition cost signifies an 87% bonus above PNT’s concluding stock valuation on October 2, 2023, and a 68% surplus over the thirty-day mean cost. POINT Biopharma (PNT) board strongly recommends its shareholders participate in the tender offer.

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