By Colin KellaherShares of Point Biopharma Global took flight in premarket trading Tuesday after the radiopharmaceutical company agreed to be acquired by drugmaker Eli Lilly at a rich premium. Eli Lilly said it will pay $1.4 billion, or $12.50 a share, in cash for Point, 87% above Monday's closing price of $6.68. Point has a pipeline of clinical and preclinical-stage radioligand therapies, with lead programs in late-phase development for prostate cancer and gastroenteropancreatic neuroendocrine tumors. Point shares were recently up 85% to $12.35 in premarket trading. Write to Colin Kellaher at colin.kellaher@wsj.com(END) Dow Jones NewswiresOctober 03, 2023 07:43 ET (11:43 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal October 03, 2023 17:52 UTC