Why Point BioPharma Global Stock Skyrocketed 86% This Week
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.
Source Fool.com
