Point Biopharma Global’s stock jumps more than 80% after Lilly merger deal

Point Biopharma Global, Inc.’s
PNT,
+0.22%
stock was up 83.4% in premarket trading on Tuesday after Eli Lilly & Co.
LLY,
+0.22%
said it will pay $12.50 a share to acquire the Indianapolis-based cancer treatment company for about $1.4 billion. The purchase price amounts to an 87% premium to Point Biopharma’s closing price on Monday. Point Biopharma is a radiopharmaceutical company with a pipeline of clinical and preclinical-stage radioligand therapies in development for the treatment of cancer, Lilly said. The deal has been approved by the boards of directors of both companies and is expected to close by the end of the year. Lilly stock was down fractionally in pre-market trading.