Drug manufacturer, Eli Lilly and Co. (LLY) announced on Wednesday that it has completed the acquisition of Point Biopharma Global Inc., a radiopharmaceutical company for around $1.4 billion.
Lilly acquired nearly 72.8 million shares of the precision oncology firm, representing approximately 67.97 percent of the outstanding shares, at a purchase price of $12.50 per share in cash.
Indiana-based Point has a pipeline of clinical and preclinical-stage radioligand therapies in development for the treatment of cancer.
The tender offer expired on December 22. Further, the Point's stock will be delisted from the Nasdaq.
Goldman Sachs & Co. LLC acted as financial advisor for the company for the acquisition.
In pre-market activity, Lilly's stock stands at $570.68, without any movement on the New York Stock Exchange.
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