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Eli Lilly (NYSE:LLY) on Wednesday said it had extended its tender offer to acquire Point Biopharma Global (NASDAQ:PNT), with the move coming just days after a major shareholder of the latter company opposed their $1.4B deal.
LLY in early October said it had agreed to acquire cancer drug developer PNT for $12.50 per share in cash. PNT stock has since gained and last closed at $13.02, significantly above the deal price.
“The tender offer, which was previously scheduled to expire at one minute past 11:59 p.m., Eastern time, on Nov. 9, 2023, has been extended until 5:00 p.m., Eastern time, on Nov. 16, 2023,” Eli Lilly (LLY) said in Wednesday’s statement.
Two days ago, Biotechnology Value Fund, which has a 16.5% stake in Point Biopharma (PNT), said that it was opposed to the deal.
The fund noted that closing the acquisition at the proposed $12.50/share price before PNT’s imminent results from a prostate cancer study was “not in the best interest” of PNT shareholders.
Point Biopharma (PNT) stock was up 1.2% to $13.17 after hours, while Lilly (LLY) was marginally higher at $621.