PNT - Why Point BioPharma Global Stock Skyrocketed 86% This Week
2023-10-05 16:50:42 ET
Shares of Point Biopharma Global (NASDAQ: PNT) are up 86% this week as of Thursday's close, according to data provided by S&P Global Market Intelligence , after the radiopharmaceutical company agreed to be acquired by Eli Lilly (NYSE: LLY) .
More specifically in a press release on Tuesday, Point Biopharma announced that Eli Lilly will commence a tender offer to acquire all outstanding shares of Point for $12.50 per share in cash -- a roughly 87% premium from its closing price Monday and valuing the company at $1.4 billion.
"The combination of Point's team, infrastructure and capabilities with Lilly's global resources and experience could significantly accelerate the discovery, development and global access to radiopharmaceuticals," stated Point CEO Joe McCann.
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Why Point BioPharma Global Stock Skyrocketed 86% This Week