Kirkland Advises Eli Lilly on $1.4 Billion Acquisition of POINT Biopharma
Kirkland & Ellis is representing Eli Lilly and Company (NYSE: LLY), which today announced a definitive agreement to acquire POINT Biopharma Global Inc. (NASDAQ: PNT), a radiopharmaceutical company with a pipeline of clinical and preclinical-stage radioligand therapies in development for the treatment of cancer. Radioligand therapy can enable the precise targeting of cancer by linking a radioisotope to a targeting molecule that delivers radiation directly to cancer cells.
Lilly will commence a tender offer to acquire all outstanding shares of POINT for a purchase price of $12.50 per share in cash (an aggregate of approximately $1.4 billion) payable at closing. The transaction has been approved by the boards of directors of both companies. The transaction is not subject to any financing condition and is expected to close near the end of 2023, subject to customary closing conditions. Following the successful closing of the tender offer, Lilly will acquire any shares of POINT that are not tendered in the tender offer through a second-step merger at the same consideration as paid in the tender offer.
The Kirkland team includes corporate partners Keri Schick Norton, Sarkis Jebejian, Peter Fritz and Steven Choi and associates Michael Nester and Jorge Toledo; technology & IP transactions partners Shellie Freedman and Joanna Schlingbaum; capital markets partners Sophia Hudson and Asher Qazi and associate Madison Moreland; and antitrust & competition partners Thomas Wilson, Andrea Murino and Samantha Morelli.
