Pharma BD Deal Intelligence
Eli Lilly acquired POINT Biopharma Global in an all-cash tender offer at $12.50 per share (~$1.4 billion), announced October 3, 2023 and completed December 27, 2023, to build an in-house radioligand therapy (RLT) capability. Lilly's stated rationale centered on POINT's radiopharmaceutical PLATFORM and its ~180,000-sq-ft Indianapolis manufacturing campus rather than any single asset. POINT's lead clinical program, PNT2002 (177Lu-PSMA-I&T) for metastatic castration-resistant prostate cancer, met its Phase 3 SPLASH primary endpoint (median rPFS 9.5 vs 6.0 months) but the final overall-survival analysis was confounded by an ~85% control-arm crossover and did not favor the drug; Lantheus -- which held ex-territory commercial rights under a November 2022 license ($260M upfront, up to ~$1.8B milestones) -- said on May 7, 2025 it would not pursue an NDA or further invest in PNT2002. The second program, PNT2003 (no-carrier-added Lu-177 dotatate, a LUTATHERA radioequivalent for GEP-NETs), received FDA tentative ANDA approval on March 2, 2026, with full approval gated on a 30-month Hatch-Waxman stay expiring June 2026. Net: Lilly's radiopharma entry remains intact via the platform and manufacturing, but the lead prostate-cancer asset that anchored the original headlines has effectively been abandoned.