BRIEF—Lilly extends tender offer for POINT Biopharma as few investors have backed the deal

US pharma major Eli Lilly today announced the extension of the expiration of the tender offer to acquire all of the issued and outstanding shares of POINT Biopharma Global.

Lilly reached a deal in October to buy POINT for $12.50 per share in cash, or around .4 billion, representing a premium of 87%.

The depositary and paying agent for the tender offer has advised Lilly that, as of 5:00 p.m., Eastern time, on December 15, 2023, approximately 24,338,647 shares have been validly tendered and not properly withdrawn in the tender offer, representing approximately 22.81% of the issued and outstanding shares, as of such date and time.