Indianapolis-based Eli Lilly and Co. agreed to acquire Point Biopharma Global Inc. for $12.50 per share in cash, or about $1.4 billion, in a deal that would bring the pharma company a pipeline of preclinical and clinical radioligand therapies for cancer. The purchase price is an 87% premium to Point’s closing stock price on Oct. 2, and a 68% premium to the 30-day volume-weighted average price. Shares (NASDAQ:PNT) of Point, also of Indianapolis, rose 84.9%, or $5.67, to close at $12.36 on Oct. 3.
Three months after Intercept Pharmaceuticals Inc. received its second complete response letter for obeticholic acid to treat fibrosis due to nonalcoholic steatohepatitis, causing a mass layoff and the decision to drop development for the indication, Bologna, Italy-based Alfasigma SpA agreed to acquire the company for $19 per share in cash, or about $793.8 million.
In a deal worth $2.4 billion in cash, Eli Lilly and Co. agreed to acquire Dice Therapeutics Inc., gaining a franchise of oral IL-17 inhibitors for chronic autoimmune diseases.
The European Commission is bringing out rules designed to further simplify and streamline procedures for pharmaceutical companies planning on merging under EU Merger Regulation rules. The commission assesses mergers and acquisitions of companies whose turnover exceeds certain thresholds to prevent concentrations that would significantly impede effective competition in the European Economic Area or in a substantial part of it.
Trisalus Life Sciences Inc. agreed to merge with Medtech Acquisition Corp. (MTAC) in a deal that allows the drug/device company’s management to meet three out of three goals: quick cash, retained control and faster completion of key clinical trials.
An international task force launched in March to identify new approaches for analyzing and addressing competitive concerns arising from biopharma M&As is now seeking public comment to inform their review.
BOSTON – How are med-tech companies reacting to the findings of the EY Pulse of the Industry report 2019? Members of a panel examined this question this week during the Medtech Conference in Boston, while also offering their insight on where the industry is headed.
Calling the tie "magic," Pfizer Inc. CEO Albert Bourla defended his firm's decision to spin off its Upjohn unit and merge in an all-stock deal with Mylan N.V., creating a new entity to be named later with pro forma revenues as high as $20 billion. "We have a commercial footprint that is very much focused on China, on emerging markets," he said, which will help Mylan.
