Eli Lilly, the world’s largest drugmaker, plans to bolster its portfolio of cancer drugs by buying Point Biopharma for $1.4bn, paying a premium of almost 90 per cent to Monday’s closing price.
The Indianapolis-based pharma group has become the second major drugmaker after Swiss company Novartis to invest in radioligand therapy, which involves molecules delivering radiation at close range to cancerous cells and is more targeted than radiotherapy.
Jacob Van Naarden, president of the company’s oncology division Loxo@Lilly, said the acquisition of Point would be the “beginning of our investment in developing multiple meaningful radioligand medicines for hard-to-treat cancers”.
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