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Eli Lilly Acquiring Cancer Therapy Developer For $1.4 Billion—A Nearly 90% Premium

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American pharmaceutical company Eli Lilly plans to acquire cancer therapy firm Point Biopharma Global, the companies announced Tuesday, an expansion that comes as manu...

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American pharmaceutical company Eli Lilly plans to acquire cancer therapy firm Point Biopharma Global, the companies announced Tuesday, an expansion that comes as manufacturers struggle to keep up with the challenges of producing modern cancer treatments.Eli Lilly is purchasing the radiopharmaceutical company for $1.4 billion, or $12.

Point is developing radioligand therapies, a form of cancer treatment that delivers radiation directly to cancer cells and limits damage to the healthy surrounding tissue,Point is currently working on a drug called PNT2002 that aims to help advanced stage prostate cancer patients who are not responding to hormonal treatment.Eli Lilly broadened its cancer research efforts in 2019 when it purchased Loxo Oncology for $8 billion.

 

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