Eli Lilly plans to acquire Point Biopharma, a company specializing in cancer therapy, for $1.4 billion. Point’s drug, PNT2002, met the main goal of its clinical trial for prostate cancer, but its effectiveness compared to Novartis’s radiopharmaceutical, Pluvicto, is in question. The trial showed the Point drug leading to a median rPFS of 9.5 months, compared to 12 months for Pluvicto. The acquisition is contingent on the majority of Point’s shareholders accepting the deal, and with less than 25% agreeing so far, Lilly has extended the deadline for shareholders to tender their shares. The future of the acquisition is uncertain based on the Phase 3 results of PNT2002.
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Point Bio Prostate Cancer Therapy Meets Phase 3 Goal, But Results Still Disappoint
